Sydney home sells $515k over reserve after 76-year ownership

A property kept in the same family for generations has sold under the hammer for $515,000 above reserve over a steady weekend for auctions across NSW.

In a confident move, the family was reported to have set their reserve price at $3 million, despite a previous bank valuation of $2.3 million earlier in the year.

The two adjoining homes in St Marys sold for $3.515 million at auction, marking a significant moment for a family whose ties to the property span nearly a century. The price was about $1.2 million higher than the valuation earlier in the year.

147 & 149 Canberra Street, St Marys sold for $3.515 million.

Selling agent Peter Diamantidis of Ray White United Group said sellers bought the land on Canberra St in the 1940s after migrating from Lithuania.

“The homes were built in 1949 and have stayed in the family ever since,” he said, adding that the properties were in the name of the mother, who lived past 100 years old. Her children managed the estate and saw through the sale.

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The properties were originally built in 1949.

The winning bidder was an investor and developer who is understood to be planning townhouses for the site at some point, with the likely aim of on-selling them.

Mr Diamantidis said the auction market is “incredibly buoyant right now”.

“Last month was the biggest in our history with 104 sales, and this month is tracking to match or even exceed that,” he said.

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The sellers (pictured) walked away with a price $515,000 above reserve.

Preliminary auction indicators suggested just under three quarters of auctions produced a sale over the past week – roughly in line with the week prior and the same week last year.

Auctions markets saw a rise in activity both nationally and in NSW, according to Ray White NSW & ACT head of auctions David McMahon.

“We saw a 20 per cent increase in scheduled auctions today and averaged 4.9 registered bidders with 2.9 active,” he said.

Mr McMahon also said “hesitancy in bidding” was returning in some markets, with buyer confidence hinging on the upcoming cash rate decision.

“The surprise announcement that rates would remain on hold has buyers now eagerly awaiting the outcome of the August RBA meeting,” he said.

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2 Stroud St, North Ryde sold for $2.42 million on Saturday.

Auctioneer Chris Scerri hosted the auction at 2 Stroud St.

Auctioneer Chris Scerri said 2 Stroud St was his highlight of his weekend results, selling for $220,000 above reserve.

The three-bedroom home in North Ryde sold for $2.42 million under the hammer.

Mr Scerri said three developers competed in bidding for the property, which has “massive development potential for a duplex.”

He added it was part of a successful day of auctions across the board.

“We sold everything on Saturday, bar one property,” he said.

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7 Wave St, The Ponds sold for $2.225 million.

The outdoor entertaining area at 7 Wave St.

Further to the west, a family home in The Ponds was a real hit with locals.

The home at 7 Wave Street sold for $2.225 million, $25,000 above its reserve.

“Most of the interest came from locals, with the buyer being a local family,” McGrath Northwest Sales Agent Ruma Mundi said.

“Over 50 families came to look at the property during the campaign.”

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