An Eastwood property on the market for the second time in just over two years has exceeded its 2019 sale price by more than $1.35 million at a virtual auction.
The property, which had obtained development permission as a duplex site since its last sale, was one of 580 auctions scheduled for Sydney on Saturday.
In the evening, Domain Group recorded a preliminary resolution rate of 74.8% from 472 reported results, while 96 bids were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
It’s been a battle between builders and developers for the four-bedroom home at 77 Vimiera Road Eastwood, which records show last sold for $1.295 million in May 2019.
77 Vimiera Road, Eastwood NSW 2122
Bidding on the 742 square meter block started on the $2.1 million price guide, jumped to $2.15 million, then $2.2 million, before rising in increments of $20,000 down to the reserve price of $2.3 million.
From there it slowed to smaller increases, with a whopping 102 offers made by five of 14 registered bidders before the property was sold to a Hornbsy developer for $2.65 million.
Sales agent Attlee Hsu of Belle Property Ryde estimated that approval of the duplex had added around 10-20% to the price, with the rest due to strong competition for the limited supply of development sites and the high price growth in the region.
Data from the estate shows the median home price in Eastwood jumped 17.3% over the past year to $1.904 million.
Mr Hsu said a further reduction in the number of homes for sale in the area – as landlords delayed sales plans due to the foreclosure – record interest rates and strong demand for school catchments locals could see prices rise 5-10% before stabilizing as more homes come on the market.
He noted that only two of the 15 properties he prepared to list before the lockdown had come up for sale.
The sale took place a few days after the last Estate Home Price Report revealed that the median house price in Sydney had increased by 24% over the past year, reaching a new high of $1,410,133 in the June quarter.
62 Griffiths Street, Fairlight NSW 2094
In Fairlight, where the median home price jumped 21.7% to $2.77 million, a three-bedroom home in its original condition sold for $4.001 million on Saturday – the first time that it had been traded for over 60 years.
Bidding for 62 Griffiths Street started strong at $3 million and reached $3.5 million on the second bid, knocking out many of the 18 registered buyers and dropping both the price guide from 3 to 3 .3 million dollars and the reserve of 3.25 million dollars.
Seven bidders bid on the 613 square meter block, with competition narrowing down to a local homeowner and a Gladesville builder. A final raise of $1,000 saw the builder win. He said he planned to build two high-end semi-finished on the property.
Cunninghams Real Estate sales agent Georgi Bates was shocked by the result, saying it was well above his expectations but reflected the stiff competition seen for properties in the tightly held suburb.
Back in the northwest of the city, an investor has outbid young families for a four-bedroom house at 8 Kentia Parade, Cherrybrook.
8 Kentia Parade, Cherrybrook NSW 2126
Bidding started at $1.8 million and eight of 19 registered bidders made bids, pushing the price to $2,133,500 – $233,500 above reserve.
The 741 square meter block was sold by Greg Nicolson of Louis Carr Real Estate, who said it was one of the highest prices paid for a single-storey home in the suburbs.
Records show the property was last traded for $655,000 in 2003.
In North Epping, young families competed for a five-bedroom house at 5 Waterloo Road, which attracted seven bidders.
5 Waterloo Road, North Epping NSW 2121
Bidding started at $2.75million and was slow to rise from there, with auctioneer Peter Matthews fending off an attempted second bid of $2.755million, telling bidders to stick with larger increases to begin with.
As bidding stalled several times before hitting the $2.9m mark, it then accelerated, with three active bidders pushing the sale price past the $3m reserve to 3,011 000 dollars.
The home was sold by Catherine Murphy, of The Agency North, and was only the second home in the area to top the $3 million mark.
The 765 square meter property last sold for $700,100 in 2007, with a new home built on the block since.
Meanwhile, in the mid-west, another developer was the winning bidder in the auction of a double-fronted clapboard cottage.
110 Foster Street, Leichhardt NSW 2040
More than 20 bidders, six of whom had never inspected the property, logged on for the online auction of the four-bedroom house at 110 Foster Street, Leichhardt.
After an opening bid of $2 million, bidding quickly rose by $100,000 and $50,000 jumped to $2.5 million as five buyers exchanged bids.
The 426 square meter block sold for $2.71 million per David Meadowcroft ohF Ray White Rozelle to a local developer. Mr Meadowcroft said most interested buyers were looking to build a duplex on the site.