Sydney auctions: Homes selling hundreds of thousands above reserve

Peak selling season is well and truly underway in Sydney, as homes selling massively above their reserves becomes the new normal.

Bidders turned up in droves and multiple homes cleared their reserves by hundreds of thousands of dollars in what was an action-packed Saturday of auctions across the city.

According to auctioneers and agents, more and more buyers are willing to bid competitively at auction to snap up a property before expected price rises kick in later this year.

Auctioneer James Hurley conducts the auction at 122 Millett Street, Hurstville. Picture: Monique Harmer.

The property sold for $2.865m.

It was a white-hot auction in Hurstville as a crowd of over 50 witnessed 122 Millett St sell $465k over reserve.

Ray White Everest Group principal Allen Yan said it was “very competitive, non-stop bidding” from the get-go that saw the home sell for a final price of $2.865m.

Buyers Feng Lina Liu and Xin Xu after the auction at 122 Millett Street, Hurstville. Picture: Monique Harmer.

There were 18 registered bidders at auction, with eight active.

Mr Yan said the home’s appeal as a potential duplex attracted so much competition.

According to Mr Yan, the buyers were downsizers who may look to turn the home into a duplex in future.

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This home on Sobraon Road, Marsfield sold for $3.351m at auction.

A seller was delighted after their Marsfield home sold for $201,000 over reserve at auction after living at the property for over 30 years.

The huge five-bedroom home on Sobraon Rd drew 11 registered bidders, with six active.

The home sold for $3.351m, $851,000 above Marsfield’s median house price.

Chris Scerri conducts the auction at Sobraon Rd, Marsfield. Picture: Supplied.

According to auctioneer Chris Scerri, the buyers bought the home after only seeing it for the first time last week.

He added that they plan on moving into home.

“Confidence is growing weekly in this market,” he said.

The sale also marked new group Premier Property’s first auction since opening their brand.

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3/65 Francis St, Bondi Beach.

In the east, an afternoon auction saw a unit at 65 Francis Street, Bondi Beach sell for $2.66m.

LJ Hooker Bondi Beach principal Marina Makhlin said the vendors were “thrilled with the result” that was well above expectations.

According to Ms Makhlin, it was a “full house” auction with a number of buyers interested in the apartment.

“It was a real mixed bag of first home buyers, downsizers, upsizes and some young families,” she said.

“It’s a really unique property to the Bondi Beach area.”

There were 11 registered bidders with seven active during the auction.

The buyers were a local couple who were overseas at the time and bidded through a phone bidder.

A townhouse on Smiths Ln, Erskineville sold for $1.55m.

An Erskineville local walked away one step closer to retirement this morning, after her townhouse sold for $50,000 over reserve in a dramatic auction.

The charming two-bedroom home drew a crowd of around 25, including five registered bidders, four of which were active.

Bidders, local onlookers and even a dog lined up for the auction on Smiths Ln, a spot just walking distance from Newtown’s King St and Erskineville train station.

The auction almost wrapped up early after an opening bid of $1.465m, before a last second bid of $1.5m kept the auction alive.

After some incremental $10,000 bids, a $1.55m bid saw auctioneer James Keenan put the hammer down.

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Vendor Joanne Crawford with Ray White Erskineville director Shaun Stoker. Picture: Owen Raymond.

The seller, Joanne Crawford, had lived in the home for 13 years.

“I was a bit emotional,” she said.

“I’ve loved living here.”

She first decided to sell the home back in February, agreeing with Ray White Erskineville director Shaun Stoker to make the sale in spring.

Mr Stoker said it was a good result and turnout for this morning’s auction, which he said was a “rare offering”.

“It’s very rare to get a townhouse right in the heart of Erskineville village, which has become really popular over the last five years,” he said.

According to Mr Stoker, two bedroom houses are more common, and usually sell for about ten per cent more.

The median price for a two-bedroom house in Erskineville is $1.72m.

Ms Crawford said she is now planning an interstate move to the Bellarine Peninsula in Greater Geelong.

“I’m going to retire there,” she said.

The winning bidders were a young couple who purchased the home to live in.

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