Fiona Killman, Real Estate Reporter
First published 7 Oct 2023, 4:42pm
Rate pauses spur on buyers in ‘screamer’ auctions across Sydney.
A “screamer” of an auction in Coogee has seen a unit sell more than $500K over reserve with the owners deciding to capitalise on the ongoing interest rate pauses.
The two bedroom apartment at 1/5 Neptune St
, sold for $2.51m as three bidders, all downsizers, battled it out at auction.
“The auction was pumping, it kicked off at $1.8m and then over the $2.1m mark, two bidders went head to head,” Ray White Eastern Beaches agent Angus Gorrie said.
The unit at 1/5 Neptune St, Coogee.
The owners decided to sell now as interest rate remain paused.
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“A phenomenal result for a two bed unit. The sellers were a pair of investors who owned the property for 20 years, lived in it for a while, and decided now that the rates are on hold until spring, the time to sell was now.
“They are over the moon as it was clearly way over expectations. Breakaway sale price for the area.”
PropTrack senior economist Anne Flaherty said momentum continued with sellers increasingly more confident in the current conditions. She said the Reserve Bank’s decision to keep interest rates on hold marked the fourth consecutive month that rates have held steady.
PropTrack economist Anne Flaherty.
“This decision was largely expected and is likely to provide a further confidence boost to those in the market,” she said.
Another property that managed to smash its reserve by more than half a million dollars was a
deceased estate in a prime location of Rodd Point.
The home, 1 Duchess Ave, sold under the hammer for $3.16m.
McGrath – Hunters Hill agent Matt Ward said the fast auction attracted 15 registered bidders with five active.
The auction in Rodd Point attracted a large crowd.
The home was a deceased estate.
“The home was built in 1938 and owned by the one family,” he said. “It sold to a family. “Rodd Point is a really popular area. This home was under 400sq m but hit a sweet spot in the market.”
The inner west has recorded strong results with a home in Petersham attracting nine registered bidders.
The home, at 11 Shaw St, sold under the hammer for $2.485m, almost $300K over its price guide.
Adrian William agent Namir Mikha said four of the bidders were active following a strong opening bid of $2.2m.
Auction of 11 Shaw St, Petersham. Picture: Phoenix Naman
The auction had nine registered bidders with the hammer falling at $2.485m. Picture: Phoenix Naman
The home, which had been in the same family for 70 years, sold to a couple upsizing from a
Potts Point apartment with a Buyers Agent acting on their behalf.
“The vendor was very pleased, it had been in the family for seven decades and they originally paid 5000 pounds,” Mr Mikha said.
He said Petersham was a sought-after inner west suburb with its wide streets and friendly community.
A downsizer keen to renovate was the successful bidder of a small two bedroom home in Miranda.
The home, at 5 Fletcher Ave, sold almost $250K over reserve for $1.548m after a hotly contested auction with 85 bids.
The two bedroom home sold for $1.548m.
Auctioneer Andrew Cooley led the hot auction which had 85 bids.
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Auctioneer, Andrew Cooley, from Avenue Auctions, said the auction had 10 registered bidders with four active.
“It was in a nice pocket of Miranda, in a cul-de-sac and close to Westfield and transport,” he said.
Mr Cooley said high bidder numbers were becoming more common due to the ongoing lack of stock.
“As a result, there’s more people on each property which is what’s driving prices,” he said.
According to PropTrack, there were 825 auctions scheduled in Sydney this week, up 24 per cent year-on-year, with 892 auctions on the books for next week.
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