Fiona Killman, Real Estate Reporter
First published 9 Sep 2023, 4:21pm
Auctioneer Michael Garofolo dropped the hammer on a home in Sydney’s northwest more than $400K over reserve. Picture: Tim Hunter
A three-bedroom brick home ready for a knockdown rebuild in Sydney’s northwest sold for a massive $405K above reserve.
The home at 110 Eastview Ave, North Ryde
went under the hammer for $2.285 million on Saturday morning in front of a large crowd. The auction attracted 10 registered bidders, with half active.
Auctioneer Michael Garofolo, from Cooley Auctions, said the opening bidder ended up buying the home having started with a first-up offer of $1.8 million.
He said the bidding got to $2m in just four bids before climbing in increments of $20,000, $10,000 and $5000.
The winning bidder of 110 Eastview Ave, North Ryde, was a young family. Picture: Tim Hunter
Auctioneer Michael Garofolo during an Auction at 110 Eastview Ave, North Ryde today. Picture: Tim Hunter.
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“The vendors were very emotional,” he said.
“The buyers are a young family looking to rent out the home and eventually knock it down.
“Building a new home in North Ryde would have a $3m starting price any day of the week.
“It was in a really good spot, a quiet street.”
According to property record, the home last sold in 1993 for $225,000.
The auction was one of 772 across Sydney this week, with another 941 on the books for next week as the spring season continues to ramp up with more bidders out and about.
PropTrack economist Anne Flaherty said Tuesday’s decision to pause interest rates for the third month in a row was “welcome news for buyers and sellers alike”.
In Ashfield, the opening bid on a two-bedroom unit almost knocked out the entire competition of 33 registered bidders.
An apartment on Webbs Ave sold for $910,000.
The auction of 1/14 Webbs Ave opened $50,000 above reserve at $880,000 and took only four more bids for the hammer to drop at $910,000.
Stone Real Estate Newtown agents Joseph Tropiano and Irma Rinaudo said the result was “unheard of”, with the unit next door selling for $680,000.
“When we first started the campaign, we were guiding $700,000 but then it went up to $750-$800,000 due to the high level of interest,” Mr Tropiano said.
“We had a lot of interested buyers including parents there helping their older children to buy their first home.
The auction had 33 registered bidders. Picture: Andrew Parliaros
“We had someone fly in from New Zealand for the auction and didn’t end up bidding.”
Auctioneer Edward Riley said the opening bid “blew everyone out of the water” with many faces dropping.
He said the interest was driven by the location and said more stock across the market was giving buyers more choice and confidence.
The buyers were a young professional couple who were holidaying in Canada, while the sellers were also away celebrating in Barcelona.
Mr Riley called another auction in Carlingford with the house selling $255,000 over reserve.
The five bedroom home at 22 Edinburgh Ave sold for $2,005,000 with three out of seven bidders active.
The five bedroom home in Carlingford sold $255K over reserve.
He said the final bid of $5000 knocked out the competition with the successful bidders a young couple who “couldn’t wipe the smile off their faces”.
A 436sq m property in Banksia, with a main home and granny flat, sold $300,000 over reserve.
The home at 1 Mead Street, Banksia sold under the hammer for $1.85m and attracted 20 registered bidders with eight active during the auction.
1 Mead Street, Banksia, attracted 20 registered bidders.
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Ray White Rockdale agent Nick Economos said the sellers had owned the four bedroom home for 15 years and decided it was time to move on.
The buyers were a couple who are going to live in the main house and rent the granny flat.
“The main two bedroom house had a good mix of character with nice floorboards and it was on a corner block. The granny flat was only two years old and had its own access,” Mr Economos said.
“The granny flat provided huge appeal as it was like its own separate two bedroom house.
“Buyers were a mix of owner occupiers interested in using it for generational living, owner occupiers who wanted to just rent out the granny flat, and investors who wanted to rent out both premises. It’s a very unique property, it was ready to go. Someone could buy it and move in without having to spend a dollar.”
Further south, a four-bedroom home in Loftus has sold more than $100,000 above reserve.
5 Cassia Place, Loftus sold for $1.355 million.
Auctioneer Andrew Cooley in action in Loftus.
First home buyers and couples keen to upsize fought for 5 Cassia Pl, which went under the hammer for $1.355 million.
Auctioneer Andrew Cooley of Avenue Auctions said four out of the seven bidders were active.
“There were 27 bids, with the buyers a young couple that are upsizing,” he said.
The home was in a cul-de-sac and had been held for 20 years.
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