Sydney dad gets $2.7m Father’s Day ‘present’ after marathon auction

It was the ultimate Father’s Day for one Sydney dad as he secured a $2.73m gift – a Castle Hill home for his family.

The sale came during a competitive first weekend of spring which saw first-home buyers flocking to auctions around the city.

According to auctioneers, families are looking to beat the spring market uptick and get a good deal at auction before the new first-home buyer scheme kicks in on October 1.

A Sydney family walked away with a new home in Castle Hill on Father’s Day. Picture: Supplied.

The lucky dad’s new five-bedroom home was bought after a long and crowded auction that went for 45 minutes, according to Scerri Auctions auctioneer Craig Robinson.

“This was a busy one,” he said. “The five registered bidders fought it one in front of a crowd of about 40 people.”

The home sold for $130k over reserve as a local family finally secured a home.

“It was bought by an owner-occupier who had been to a number of auctions in the past and was delighted to finally secure his forever home,” Mr Robinson said.

“This was some Father’s Day present for the gentlemen.”

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The buyers of the Castle Hill property with Ray White agent Joel Simpson (left) and Scerri Auctions auctioneer Craig Robinson (right). Picture: Supplied.

Mr Robinson said Sydney’s auction market was performing beyond expectations.

“By now, what usually happens is the market softens a little bit because more stock comes on,” he said. “However, that is not the case.”

Mr Robinson said interest rate cuts and expanded first-home buyer incentives were “fuelling the market”.

“Because there was a lack of stock earlier this year, those (home seekers) are buying now, trying to secure it before the market increases any further,” he said.

“Compared to last year, auction clearance rates speak for themselves.”

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The home sold after a lengthy 45-minute auction. Picture: Supplied.

Sydney’s preliminary auctions clearance rate for the week was 78 per cent – a rate that has historically reflected a strong market where demand exceeds supply.

The success rate of Sydney auctions was the highest among the capitals but a marginal dip from last week’s 80.3 per cent.

There were 731 auctions scheduled across Sydney for the week. The weekly volume is set to rise over the 1,000 mark in two weeks’ time.

Ray White NSW head of auctions Dave McMahon said auction volumes on Saturday were already above those of the cooler months, while bidding activity remained consistent.

“As sellers’ confidence grows each week we eagerly look ahead to see if that brings more stock to the market,” he said.

“It may be too early to say ‘spring has sprung’ but it appears we are heading in the right direction”.

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This home on Wilson Rd, Acacia Gardens sold for over $1.45m.

Benson Auctions director Stu Benson said first-home buyers were now coming to the market in droves.

“There really seems to be an activation of first-home buyers right now, perhaps sensing that once the Home Guarantee Scheme (expands) on October 1st, there will be more bidders at auctions,” he said.

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Stu Benson conducts the auction for the Acacia Gardens property. Picture: Supplied.

Mr Benson sold a home on Wilson Rd, Acacia Gardens on Sunday which saw a whopping 72 bids made.

The property sold for $1,450,888, a price $50,888 over reserve.

Mr Benson said it was a “huge turnout”.

“Father’s Day afternoon saw 11 parties – a combination of first-home buyers, upgraders and investors – vie for the keys to this tastefully renovated entry level property,” he said.

“The buyers were a young couple who are upgrading to Acacia Gardens, on the fringe of the Hills Shire, from the Greater West.”

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This Caringbah home attracted a price $425,000 over reserve.

In South Sydney, an auction in Caringbah was spurred on by out-of-area bidders.

The property on Carabella Rd sold for $2.725m, a whopping $425,000 over reserve.

The home was purchased by a family from Darling Point, with McGrath Cronulla agent Mitch Kenyon saying the out-of-area buyers helped create “competitive bidding”.

There were nine registered bidders, with three active on the day.

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