Super Saturday: Sydney auctions see massive turnouts in huge sales

A super Saturday of auctions saw a frenzy of sales across Sydney today, ranging from homes going almost $2m over reserve to buyers bidding via FaceTime from Europe.

A major trend across the day’s auctions was incremental bidding, with more buyers tending to tack on bids as low as $1,000 – or even $500 in one case — late in the auction.

Auctioneer Clarence White said this was due to buyers being more cautious across the market.

“We are still in a reasonably price-cautious market across the board,” he said.

“Everyone is still under pressure with borrowing costs and the cost of living.”

“It’s one of the most layered, complicated markets I’ve worked in.”

A number of auctions across the day were won through cautious, incremental bidding.

Here’s a breakdown of some of the day’s busiest and most bizarre auctions.

INNER WEST

There was a unique outcome to an apartment auction in Rosebery on Saturday morning, which was eventually won by a buyer on the phone.

While a phone bidder is not uncommon at an auction, buyer Ademir Cortes was not on the phone to the bank but his partner, Lotte Selen, live from the Netherlands.

It was 1am local time for Ms Selen, who joined an exclusive club of buyers to have won an auction in their pyjamas.

Mr Cortes said it added a little bit more stress to the auction process.

“It required a bit more co-ordination than it usually would,” he said.

“Luckily we made sure we had a solid strategy and an upper limit before we went in.”

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The two-bedroom, two-bathroom apartment on Crewe Place sold for $1.308m, $408,000 above Roseberry’s median unit price.

The winning couple had been on the hunt for a property for the last three years.

Selling agent Max Klimenko of Ray White Touma Taylor said he was happy to see the couple finally secure a home.

“They missed out on a couple of auctions in Alexandria a couple of months back, so it’s a good end to their property journey,” he said.

Mr Klimenko said it was a “good atmosphere” at the auction, where bidding opened at $1.2m.

Bidding shot up to $1.3m quickly in $20,000 increments, after which the bidding came down to Mr Cortes and a first homebuyer from Surry Hills.

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A number of $1,000 bids then brought the sale to its final price, which Mr Klimenko said was above reserve.

According to Mr Klimenko, apartment sales in Roseberry always draw higher demand when the property is not a “cookie-cutter” unit.

“This is a boutique block of units compared to everything else you see,” he said.

“These types of properties do really well, because they’re not your usual stock-standard apartments.”

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Mr Klimenko said the unit attracted strong interest during the campaign from investors, downsizers and first home buyers from all over Sydney.

Even though Ms Selen is a first homebuyer, the couple will not be eligible for the First Home Buyer Assistance Scheme, as Mr Cortes also owns a property in Waterloo.

Ms Selen, who is visiting her family, will be coming home to a new apartment once she returns from her European adventures.

“She actually just finished trekking the Dolomites,” Mr Cortes said.

“That might be a thing of the past now that we have a big mortgage.”

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About 10km north in Rozelle, auctioneer Edward Riley oversaw the sale of 9 Lilyfield Rd.

The home sold for $313,000 over reserve at $2.313m.

Mr Riley said it was a “highly competitive” auction right from the jump.

“Bidding increments varied in $20k, $10k and $5k bids initially,” he said.

“The eventual purchaser joined the auction at $2.25m and fought it out with another bidder until the end.

“It was a $500 bid at the end that secured it for the successful purchaser.”

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There were nine registered bidders, four of which were active.

The home was purchased by a downsizer, who is understood to be looking to rent it out now and live in it later once their teenage kids leave home.

Mr Riley said the sale suggests buyers are willing to “stretch themselves” to secure a property close to the city.

“The fierce competition we saw today in Rozelle underpins the strength of the current market, particularly in tightly held inner-city fringe locations,” he said.

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Elsewhere in the Inner West, 3 Beatrice St, Ashfield drew a sale $135,000 over reserve.

Auctioneer Chris Scerri oversaw proceedings, during which three bidder of a registered five were active.

The two-bedroom home just off of Remembrance Driveway sold for $1.485m.

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EAST

A crowd of around 70 onlookers, locals and bidders attended a frantic auction on Rawson Ave in Queens Park.

The home sold for $7.31m, $1.36m over reserve.

The auction came down to a real bidding war between an owner-occupier and a buyers agent, who was bidding in $5,000 increments.

Mr White said it was an interesting strategy.

“You don’t often see it in the Eastern suburbs on a home of this price point,” he said.

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WEST

It was a marathon auction at 17 Cutcliffe Ave, Regents Park, which Scerri Auctions auctioneer Angus Robertson oversaw for a total of 37 minutes.

There were six registered bidders, four of which were active.

The six-bedroom family home was purchased by an owner-occupier for a grant total of $2.201m.

The result was $251,000 above reserve, and $851,000 above Regents Park’s median house price.

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