Sydney auctions: Homes sell up to$500k+ above reserves

Across Sydney, properties continue to sell at auctions hundreds of thousands above reserve prices with some fetching half a million more than predicted.

A Lidcombe home that had been in the same family for 75 years sold on Saturday for $2.61m smashing its $2.1m reserve price by $510,000.

Lead agent James Kim of McGrath Strathfield said there were 19 registered bidders for the home at 7 Calool Street with about four active.

“There was probably about 120 people at the auction,” he said. “It started at 1.9m and slowly went up to about $2.2 and from then on it was only two bidders bidding for it up until the $2.61m.”

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7 Calool Street, Lidcombe sold for $510,000 above its $2.1m reserve

An Auburn property sold for a staggering $510,500 over its $2m reserve with the two-bedroom, one-bathroom home at 62 Graham Street ending with a $2.51m result selling via Sezer Yunus and Shahe Terzian of Ray White Auburn and auctioneer Fadi Hajjar of Scerri Auctions.

“The owners got half a million above the reserve price and this is a record price for Auburn of its kind,” Mr Yunus said. “There were hundreds who attended and twelve people registered with at least six active bidders.”

62 Graham Street, Auburn sold for $510,500 above its $2m reserve

At 3 Kelso Street, Burwood Heights this home sold $550,000 over its reserve price of $8m.

With six registered parties and about four active bidders, lead agent Dib Chidiac director of DibChidiac&Co said the bidding started about $6.5m and it went up very quickly to $7.8m and then it was back and forth between two buyers until the final price.

“It is a new suburb record, I believe the previous suburb record was Burwood Heights at $5.7m,” he said.

3 Kelso Street, Burwood Heights sold for $550,000 over its reserve of $8m

In Sydney’s Inner West, this Leichhardt classic terrace with two self-contained one-bedroom units was snapped up for $1.51m.

The home at 45 Renwick Street was listed with an auction guide of $1.3m, selling $120,000 above its reserve price of $1.5m with buyer Theo Samos purchasing the property due to its investment potential.

45 Renwick Street, Leichhardt. Picture: Monique Harmer

Mr Samos said he was excited with the result after having his eye on the Inner West market.

“I’ve been looking to buy in the Inner West for a very long time and I’m glad I got my foot in,” he said.

“I see a lot of growth being so close to the city.

“I always look at period character,” he said.

“They will be here for a lot longer than we will be.”

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Buyer Theo Samos. Picture: Monique Harmer

Despite the winning bid, Mr Samos said he did not prepare with a strategy coming into the auction.

“I just followed my gut on this one,” he said. “This is for an investment, I like the low maintenance.”

The opening bid began at $1.32m and the auction progressed with smaller figures including multiple $10,000 bids and even a $1,000 bid moving the bidding figure just above $1.46m.

The auction turn out at Leichhardt. Picture: Monique Harmer

Mr Samos had the winning bid. Picture: Monique Harmer

The terrace includes two self-contained one-bedroom units

“I think the auction was a perfect example of what we are seeing in the market, its cautious bidding,” Auctioneer Clarence White of Menck White Auctioneers said.

“It’s price cautiousness where nobody is really attacking it with big increments, but they are bidding, that’s the main thing and we are getting most of them done as we did.

“I think it was moderate for what the property is.

“We did have an agent bidding on behalf of a client who was the eventual buyer there.”

Auctioneer Clarence White of Menck White Auctioneers. Picture: Monique Harmer

With auction listings down in comparison to last year, Mr White provided some insight into the current market, where he said they have seen a surge in new auction bookings in the last two weeks.

“Yes, it’s been a little muted,” Mr White said. “You’re actually probably about to see the numbers go up reasonably significantly in terms of auction volume.”

The home sold via director James Montano and agent John Cannizzaro of Montano Group Leichhardt.

“I think overall it was a fair result for both buyer and vendor,” Mr Montano said.

Mr Montano said they are seeing a late surge in both listings and buyer activity leading into the end of the year.

“In our pocket there was a bit of a slower start and now we are going to see a final busy push towards Christmas.”

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