First-time home buyers secured a home in Alexandria for $2.683 million after an extremely slow and drawn-out online auction on Saturday.
Four buyers registered to bid on the four-bedroom property at 164 Belmont Street, which had an indicative price of $2.3 million.
It was one of 451 homes scheduled to go under the hammer on Saturday.
In the evening, Domain Group recorded a preliminary resolution rate of 81.6% on 392 reported results, while 54 bids were removed. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The Alexandria auction opened on the guide after much hesitation, setting the tone for the rest of the hour-long process.
164 Belmont St, Alexandria NSW 2015
Three buyers painstakingly placed bids on the house, but only after much cajoling from the auctioneer and long pauses between each.
After 56 slow auctions, the house sold for $2.683 million – $83,000 above reserve – to a young couple from Paddington.
Brad Gillespie of the Eastern Suburb agency said it was the first such auction he had seen in the past 12 months.
“It’s the spirit of the game that … turned out to be the dynamic of these three [bidders]. It was a unique situation,” Mr. Gillespie said.
“We decided to put the reserve at this level knowing the level of interest that was associated with it. [The pace] had nothing to do with the reserve.
The property was last traded during Sydney’s previous property boom in 2017 for $2.275 million, records show.
6/78 Harbord Road, Freshwater NSW 2096
In Freshwater, another group of first-time home buyers picked up the keys to a three-bedroom unit at 6/78 Harbord Road for $1.828 million.
Eight buyers, a mix of upgraders and first-home hopefuls, registered to bid on the property, which had a guide price of $1.5 million to $1.65 million.
A low bid of $1.1 million was rejected before the sale began at $1.5 million.
Half of the registered bidders increased the price by varying increments, exceeding the guide by $1.65 million to ultimately sell for $1.828 million.
Michelle Galletti of Cunninghams Real Estate said successful buyers settled on the unit because their $2million budget meant they had been priced out of homes in the area.
“The entry level for a freshwater home is $3 million,” Ms. Galletti said, adding that the competition had found themselves in the same situation.
The unit last sold for $965,000 in 2016, records show, meaning its price has nearly doubled in five years.
6/24-26 Perry Street, Marrickville NSW 2204
In the mid-west, another first-time home buyer was the winning bidder in the auction of a three-bedroom townhouse at 6/24-26 Perry Street, Marrickville.
Fifteen buyers, a combination of upgraders, investors and first-time home buyers, registered to bid on the home, which had an indicative price of $1.5 million.
The auction opened at $1.485 million with six active bidders taking the price to $1,707,500 – well above its reserve of $1.5 million – in just 15 minutes.
The successful buyer was a young first-time home buyer from Surry Hills, who outbid local mid-west investors.
Ercan Ersan, of Ray White Surry Hills, Alexandria, Glebe and Erskinville, said while he wasn’t sure the buyer had the Bank of Mum and Dad behind him, he wouldn’t be surprised.
“I don’t ask the question but nine times out of 10 they do. People are offended,” Mr. Ersan said.
Extremely low stock levels still ensured strong results two months into Sydney’s lockdown, he said.
The property last traded for $882,000 in 2013, records show, meaning the price has nearly doubled in eight years.
66 Mons Avenue, West Ryde NSW 2114
In West Ryde, a four-bedroom house at 66 Avenue de Mons sold for the first time in 57 years for $2.36 million to a local family.
The 697 square meter block attracted 13 registered bidders, with the auction starting at $1.8 million, $100,000 below the price guide.
But that ultimately made no difference after the sale rose for some 50 bids until the hammer finally fell to $2.36 million.
The reserve was $2.1 million.
It was sold by Jerry Dionisatos of Green Real Estate.
17/73 Sovereign Circuit, Glenfield NSW 2167
In Glenfield, a dozen buyers registered to bid on a three-bedroom townhouse at 17/73 Sovereign Circuit, guided to $599,000.
But it only took two to tango as the sale opened at $625,000 and only rose in seven bids until the hammer fell to $660,000.
The reserve was $650,000.
It sold through George Kapos of McGrath Bankstown.