An investor beat first-time home buyers to buy a one-bedroom apartment in Manly for $1.1million, paying $200,000 above the price guide at a virtual auction on Saturday .
At just 60 square meters, 1/51C Kangaroo Street attracted a dozen parties who were a mix of first-time home buyers and investors.
It was one of 746 auctions scheduled for Sydney on Saturday as the property market operates online during the lockdown.
In the evening, Domain Group recorded a preliminary clearance rate of 73.9% from 487 reported results, while 108 bids were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
1/51C Kangaroo Street, Manly NSW 2095
Bidding for the Manly unit opened at the $900,000 price guide and increased to $50,000 on the next bid.
It eliminated most of the competition for the Manly unit, with only four bidders participating in the sale.
After just 17 bids, the hammer fell to $1.1 million, selling $50,000 above reserve to an investor in North Ryde.
Unlike last year, the lockdown has boosted many buyers due to fears the market will pick up again when restrictions ease, sales agent Morgan Fahey of McGrath Manly said.
“As soon as we went into lockdown, the buyer urgency exploded. The lockdown maybe even helped us a little bit,” Mr Fahey said. “People remember what happened last night. last year because, after the confinement, the market exploded.”
Skyrocketing prices meant many first-time home buyers looking for two-bedroom units could now only buy a one-bedroom unit in the area, he said.
“I sold a better property with a water view for $923,000 around October,” Fahey said.
The Kangaroo Street unit that sold last Saturday traded for $339,000 in 2001, records show, meaning the price has nearly tripled in 20 years.
8 Tobias Place, Kings Langley NSW 2147
In Kings Langley, a five-bedroom house at 8 Tobias Place sold for $1,508,000 after 25 minutes.
Six of eight registered parties have bid on the property, slowly raising the price in varying increments after the auction opened on the $1.35 million price guide.
It topped the $1.48 million reserve after about a dozen bids and continued to rise in smaller increments as the pace slowed until the hammer finally fell.
Stu Benson of Benson Auctions said that despite the different nature of online auctions, he was confident properties were getting the same results.
“I think it’s the same for the course with technology.”
The property last sold for $432,500 in 2002, records show. It has more than tripled in value in less than 20 years.
1/1 Belgrave St, Petersham NSW 2049
In Petersham, a two-bedroom townhouse at 1/1 Belgrave Street has sold for $1,412,000 after the auction lasted for more than half an hour.
It also proceeded at a slower pace than usual despite strong interest from 16 registered parties as the virtual auction delayed the process.
Six parties raised the price to more than three dozen bids after the auction opened to $1.05 million.
A final offer of $1,000 secured the property for a young family moving from a downtown unit.
The reserve was $1.27 million.
Nicholas Arena of Ray White Petersham said buyers were still active as long as they were able to inspect properties ahead of auction day.
The property last traded for $1,065,000 in 2016, records show.
In Woy Woy, sellers of a three-bedroom villa at 2/7 Piper Street made a paper profit of $140,000 after owning the house for less than a year.
2/7 Piper Street, Woy Woy NSW 2256
Five parties have registered to bid on the property with the auction opening at $600,000 – well below the $675,000 price guide.
But that wasn’t a problem because all the bidders were active in the sale, raising the price in bids by $5,000 for most of the auction.
It sold for $730,000 – $30,000 above reserve – to Sydneysiders moving to the Central Coast.
Matthew Dawson of McGrath Ettalong said the owners were moving back to Sydney after changing the tree when the pandemic hit last year.
“They just did a bit of cleaning, no major work…it just freshened up a lot,” Mr Dawson said. “They originally planned to stay longer.”
The property traded for $590,000 at the end of July last year, records show, with the price rising $140,000 in just 11 months.
In Erskineville, a three-bedroom semi-detached house at 42 Pleasant Avenue sold for $2,211,000 to a young Roseville couple.
42 Pleasant Avenue, Erskineville NSW 2043
Nine parties signed up to bid, helping the property crush its $2 million reserve.
The property last traded at $305,000 in 1999, records show, with the price rising more than sevenfold in 22 years.