209 Edgecliff Rd, Woollahra sold for $6m, $1.5m over reserve.
Selling a house for more than $1m over reserve used to be an incredibly rare feat even in Sydney’s rollercoaster property market but it’s now occurring with multiple property sales – each week.
This weekend marked the highest volume of Saturday auctions since the COVID outbreak and the fourth biggest day of sales on record in what agents said was a “major test for the market”, which has been firing on all cylinders this year.
Higher auction volumes have traditionally correlated with a drop in the success rate of sales but it appeared not to be the case this time around.
Preliminary indicators showed at least 80 per cent of sales were a success, with many properties selling for hundreds of thousands above what similar homes traded at just a few weeks ago.
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‘Didn’t think this’: old fibro house sells for $4m
Rundown homes with development potential got some of the highest prices, with a dated house on a waterfront block in Rhodes selling for $6.9m – $1.4m over the 98-year-old seller’s reserve.
Selling agent Ben Horwood of Horwood Nolan said the reserve was guided by the last waterfront home sold on the street, a better condition house on a bigger block with a pool, which changed hands for $5.61m in October.
75 Llewellyn St, Rhodes sold for $1.4m over reserve.
Auctioneer Michael Garofolo at 69 Waterview Rd, Putney which sold for $832,000 over reserve. Picture: Sam Ruttyn
The auction for the Llewellyn St house on a 815sqm block attracted 16 bidders and the opening bid was $4.5m.
“The auction just went like a rocket,” Mr Horwood said. “The bidding was very aggressive.”
Another waterfront block in Putney with an old fibro house sold for just under $4m – $832,000 over reserve.
In the east, a Woollahra house that went to auction with an ambitious reserve of $4.5m sold for $1.5m higher after attracting 14 registered bidders.
The house at 209 Edgecliff Rd had six bedrooms and went up three levels. Selling agent Randal Kemp of Ray White-Woollahra said the sale price left him “speechless”.
26 Varna St, Waverley sold for $822,000 over reserve and $652,000 above what the next door semi sold at four weeks ago.
In Waverley, a two-bedroom semi on Varna St sold for $652,000 above what the nearly identical semi next door sold at four weeks ago. The $3.322m price was $822,000 above the reserve.
Auctioneer Damien Cooley said it was difficult to keep track of how many of the 27 registered bidders put in offers because the pace of bidding was frantic.
“Auctions have been unbelievable this weekend,” he said. “It’s indicative of a booming Sydney market stronger than a month ago. It could get even stronger.”
And in Denistone West, a seller who paid $1.525m for a four-bedroom house on Sluman St in October netted $2.06m – an increase of $535,000 over six months.
32 Sluman St, Denistone West sold for $535,000 more than in October.
329 Catherine St, Lilyfield sold for $470,000 over reserve.
The seller made no changes to the site apart from getting development approval for a duplex.
In Lilyfield, a house painted purple and decorated with art, including a street mural, sold for another unexpected price.
The vendor set a reserve of $1.85m but sold for $470,000 higher at $2.32m.
A dozen buyer parties registered to bid for the three-bedroom house on Catherine St with selling agent Adrian Tsavalas of Adrian William.
“The result was bonkers,” Mr Tsavalas said, adding the seller was elated with the surprise windfall.
The Mrakas family sold their home for a new suburb record in Belmore. Picture: Toby Zerna
Further south, a Belmore house some visitors had described as “the Taj Mahal” due to its size and high-end fittings sold for just over $1.9m, a new suburb record.
The reserve for the Wilson Ave home was $1.8m. Selling agent Dean Vasil of Ray White-Earlwood said it was a landmark sale because the quality and size eclipsed nearby homes.
The seller Emilio Mrakas told The Sunday Telegraph before the auction that he was relieved it was a strong market.
Out west, a road in Merrylands had to be closed off when the auction of a four-bedroom house attracted a massive crowd of onlookers that spilt into the street.
130 John St, Merrylands sold for $446,000 over reserve.
Auctioneer Rocky Bartolotto said there were so many people he had to park his car in the middle of the road.
The John St house with a granny flat sold for $1.546m, pipping the reserve by $446,000.
In the Sutherland Shire, a dated house on an elevated block overlooking Port Hacking River in Gymea Bay sold at auction for $1.75m after attracting 11 registered bidders.
It was the first time the house on Arcadia Ave had come up for sale in 70 years. The price was $650,000 above the $1.1m reserve.
Auctioneer and Avenue Auctions director Andrew Cooley received an opening bid of $1.5m and there were 30 bids placed.
104 Arcadia Avenue, Gymea Bay sold for $650,000 over reserve.
Auctioneer Andrew Cooley said demand was so strong reserve prices were becoming almost irrelevant.
Most of the bidders who registered with agent Dax de Traubenberg of Abode Property wanted to replace the house with a modern build.
Mr Cooley said the market had reached a point where reserves no longer showed just how strong demand really was.
“If you look at bidder numbers and how many bids are being placed, we’re getting more than 10 bidders each sale and more than 30 bids placed. That is pretty amazing.”
