A home on the market for the first time in nearly 70 years sold for $375,000 above reserve on Saturday in a competitive online auction that raised money for medical research and Guide Dogs Australia.
The two-bedroom deceased estate in Lilyfield was one of 515 properties slated for auction across Greater Sydney for the fourth Saturday online auction under the citywide lockdown.
In the evening, Domain Group recorded a preliminary clearance rate of 72.0% on 404 reported results, while 97 bids were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
197 Lilyfield Road, Lilyfield NSW 2040
Bidding for the well-kept home at 197 Lilyfield Road got off to a brisk start, opening at $1.4 million and climbing to $1.6 million on the second bid, beating the $1.45 million reserve.
It rose by $25,000 and $20,000, then bidding dropped to $10,000 for the remainder of the auction, with five of the 14 registered bidders placing bids.
The 183 square meter block sold through Dib Chidiac for $1,825,000, with a young builder walking away with the keys. All interested parties were looking to renovate or extensively rebuild the block, which records show was last traded for £1,720 in 1954.
Proceeds from the sale will fund research at the Royal Prince Alfred Hospital, Victor Chang Cardiac Research Institute and support Royal Guide Dogs Australia.
Mr Chidiac said a limited supply of new homes coming onto the market amid the foreclosure meant there was stiff competition for those going under the hammer.
“A lot of properties can’t be put on the market because construction is on hold; they can’t style properties,” he said.
Then there were the sellers who were ready to sell but postponed their plans due to the lockdown, and the ban on public auctions and open houses, auctioneer Clarence White said.
“It’s tightened the stock a bit and as a result we’re getting a massive number of signups,” he said. “We have more people competing on homes right now in online auctions than we had in February at the absolute height of the market…buyers clearly aren’t scared; they dive into it.
11 Havilah Avenue, Wahroonga NSW 2076
On the high north coast, a three-bedroom house in Wahroonga sold for $2.18 million after attracting 29 registered bidders.
The auction for the 695 square meter block at 11 Havilah Avenue has been brought forward two weeks due to strong interest.
Nearly 80 bids were made on the home by nine of the bidders, with the bid starting at $1.7 million and quickly surpassing the $1.8 million reserve, mostly climbing into $50,000 and $25,000 until at $1.95 million.
From there it slowed down to smaller increments. The last 40 offers consisted mostly of $1,000 raises by three parties.
The result was $380,000 over reserve and well above the $780,000 that records show he was last traded for in 2011.
Sales agent Alex Mintorn of McGrath Wahroonga said it was a strong result which surpassed the previous street record set earlier this year when a four-bedroom house on a larger block is sold for $1,775,000.
In Hunters Hill, it was a two-man race for a newly renovated apartment that sold for $365,000 more than in May 2020.
3/8 Tiree Avenue, Hunters Hill NSW 2110
The two-bedroom apartment at 3/8 Tiree Avenue is one of six units in a converted 19th-century sandstone mansion.
A local homeowner outbid an expat for the house, buying the ground-floor apartment for $1.34 million, just above the $1.33 million reserve price.
The property was sold by Nicole Robertson of BresicWhitney Hunters Hill.
Records show it last traded at $975,000 last year.
In West Ryde, a three-bedroom, one-bathroom house on 603 square meters has sold for $2,015,000.
76 Bennett Street, West Ryde NSW 2114
There were 26 registered bidders for the 76 Bennett Street auction, eight of whom actively competed for the keys after bidding opened at $1.2 million.
They raised the price quickly, mostly by raising the bid by $50,000 to start, for an end result of $165,000 above the reserve of $1.85 million.
The property was sold by Michael Green of Green Real Estate to a buyer from Schofield, who plans to rebuild on the block later.