Sydney auctions: first home buyers end two year search – realestate.com.au – realestate.com.au

Taylor Troeth, Property Journalist
Updated 9 Dec 2023, 4:31pm
First published 9 Dec 2023, 4:24pm
Sydney’s sweltering 40 degree weather forecast did not deter bidders keen to end their search before Christmas.
The Spring selling season has well and truly ended, with auctions starting to cool down, yet Sydney still had 955 auctions scheduled this week, up 11 per cent year-on-year.
First home buyers have secured a rare home in Sydney’s north, which sold under the hammer $110,000 above reserve.
In an emotional sale for the vendors, the three-bedroom home at 91 Eastview Ave sold for $2.11m – the first time it has been sold in almost 50 years since the sellers built the home.
Surrounded by new builds, the older red brick home drew a crowd of around 40 people, with five registered bidders eager to stop their search before Christmas.
The auction of 91, Eastview Ave in North Ryde where auctioneer Michael Garofolo brought down the gavel on the sale. Picture: Julian Andrews
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Lead agent James Sarzano from Stone Real Estate said it was a “fantastic auction that sold well over our expectations.”
“The vendors were very happy, they were selling on behalf of their father and we had an early offer of $1.9m so to exceed that was brilliant,” Mr Sarzano said.
There were three active bidders and the winning bid went to a young couple from Mascot, who Mr Sarzano said they had been looking for two years to find their dream home.
“They were very excited and plan to live in the home and do some renovations on the property.”
Winning bidders, who purchased the property for $2.11m. Picture: Julian Andrews
After a rate rise earlier in the week, Mr Sarzano said the campaign was pushed back.
“Making that strategic play was a good decision, it was an emotional rollercoaster as auctions can be,” he said.
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The rate rise added a bit of pressure on some buyers’ financial situations according to Mr Sarzano, but “the auction spoke for itself” and buyers were not being deterred.
Auctioneer Michael Garofolo said the bidding started under the guide at $1.8m and went up in healthy increments.
Many turned out to the early 8:30am auction before Sydney’s heat picked up. Picture: Julian Andrews
“It was slow to start, but I think that’s quite common place with the first bid people are nervous, it comes you just have to be patient,” he said.
Located within proximity to prestigious schools, Top Ryde shopping centre and parks, the premium location was drawing keen interest to the property.
Mr Garofolo said it was a “renovators delight” perfect for young couples.
The home was large, set on a 543.8 metre square parcel of land, with images showing dated interior and pool in the backyard.
Auctioneer Michael Garofolo. Picture: Julian Andrews
As the Spring selling season has come to a close, Mr Garofolo said keen buyers had to “stop looking and start living.”
“If you’ve been in the market since the start of the year prices are now back to peak so if you are waiting for next year, you’re already going to pay more,” he said.
“If you’re looking as an owner occupier in Sydney, nothing is bullet proof, but it’s a pretty safe investment and that’s been proven over and over again.”
The three-bedroom home in Sydney’s north.
A dilapidated corner terrace in Paddington has sold for a whopping $3.385m, smashing its reserve by $685,000.
The home at 40 Glenview St had six registered bidders with two active.
Lead agent Maclay Longhurst from BresicWhitney Inner East said the terrace was very popular due to its location on an underdeveloped corner.
40 Glenview St Paddington, which sold for $3.385m, smashing its reserve by $685,000.
The inside of the Paddington terrace with unplastered walls.
“It was quite rare, so larger than expected prices are the norm,” he said.
The home had been in the vendors family since the 1930s.
“The vendors were really happy with the results, there were four owners and they were all happy,” he said.
A young owner-occupier came out on top after going head to head with another bidder in smaller increments after the $3m mark.
The Paddington home has historic character charm, ready to be renewed.
“The buyers plan to renovate it and then move in,” Mr Longhurst said.
Images of the home show the current state of the unliveable home with unplastered walls and what appears to be mould around the doorframe.
The listing states “a substantial corner terrace on 158 sqm land with huge scope for your future touches, this Victorian home will appeal to renovators and beyond.”
The home had been in the family for almost 100 years.
In Sydney’s south, an auction with two bidders fighting “neck and neck” for a three-bedroom Padstow villa, sold $128,500 above its reserve.
The home at 1/98 Iberia St sold for $978,500 in a heated auction that had seven registered and three active bidders, sold to a local couple who were downsizing.
Lead agent Megan Moss said the location was the biggest drawcard.
“It was a fantastic auction … we are still seeing a lot of buyers coming into the new year,” she said.
The Padstow villa sold for $978,500 and had seven registered bidders.
The home featured three bedrooms all with walk in robes and was ready to move in or undergo renovations to update the interior.
“A lot of people are missing out on properties but we are finding auction campaigns are a lot more effective for those wanting to get into a property quickly,” Ms Moss said.
Inside the home at 1/98 Iberia Street, Padstow.
In the inner-south a diseased estate in Mascot has sold $50k above its reserve.
Coming to market for the first time in 50 years, the auction at 17 McBurney Ave had five registered bidders with three active.
First home buyers, a young couple from Ireland, came out on top with the final bid at $1.65m.
“The vendors were very happy, they would have sold for $1.5m, but we bumped the reserve up to $1.6m,” said listing agent Anthony Kassis from The Agency.
The three-bedroom home was dated and in need of updating, Mr Kassis said that buyers within this price range were struggling to find properties in the area.
The dated kitchen inside the Mascot home.
The backyard was ripe for renovation.
“Interest in purchase is very strong but there’s a limited supply of stock in the $1.5m-1.8m range so they haven’t got much to chose from,” he said,
“With the expense of stamp duty and agent fees they can’t go to the next level,” Mr Kassis said.
17 McBurney Ave Mascot.
In the eastern suburbs, two Bondi sales have exceeded sellers expectations.
A one-bedroom apartment in has sold for a whopping $1.312m, $32,000 above its reserve.
The auction had four registered bidders with all four placing a bid in the hotly contested auction.
Listing agent James Ledgerwood said the property sold to an owner occupier young professional couple who were living in Roseville.
“The vendors were over the moon, there were lots of big hugs and smiles at the end,” he said.
After purchasing the property off the plan seven years ago as an investment, Mr Ledgerwood said the sellers decided it was time to move on.
5503/34 Wellington Street, Bondi sold $32,000 above its reserve.
“For good quality properties with the right attributes, and this is in one of the best buildings in Bondi, its always highly contested, four active bidders shows how sought after it was,” he said.
Not referring to the 40 degree forecast, Mr Ledgerwood said that “Bondi is as hot as ever.”
“It’s the prime lifestyle location, it’s the best place in the world to live, in my opinion and I might be biased,” Mr Ledgerwood joked.
The one bedroom modern apartment sold for $1.32m
In North Bondi, a stunning four-bedroom residence has sold $200,000 over reserve.
The modern family home at 71 O’Donnel St is only minutes walking distance from Bondi Beach.
Listing agent Marina Makhlin from LJ Hooker Bondi would not reveal the final price but said it was in the high $3m range.
The four-bedroom North Bondi home sold $200k above its reserve.
71 O’Donnel St sold in the high $3m range.
“It was a great house with great potential, a double story home and a DA approval for parking which is a big drawing card as well as the location, you’re in prime position in a cul-de-sac,” she said.
The auction had three active bidders, with a family coming out on top who had previously lived in the area and were looking to move back.
“There’s still plenty of buyers out there even at the end of the year and people coming to auction are actively bidding even with the rate rises,” she said.
The property has four bedrooms and a modern interior.
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