News Corp Australia
First published 6 Apr 2024, 5:03pm
A “crazy” auction in Sydney’s Inner West has resulted in a dated Five Dock home selling for a whopping $1.16m above its reserve.
The Californian bungalow which had been tightly held – only having two owners since 1922 – sold for a huge $5.16m on Saturday afternoon.
Located at 31 Norman St, the home was a deceased estate in a run-down condition which appealed to both developers and local families.
There were 12 registered bidders, with the winning bidder planning to renovate the home to then live in it.
The dated home in need of restoration sold for a whopping $5.16m.
31 Norman Street, Five Dock sold over $1m above its reserve.
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Listing agent Arthur Syrios from McGrath Strathfield described it as a “crazy” result.
“The vendor is absolutely ecstatic it well and truly exceeded his expectations,” Mr Syrios said.
Located on a sought after street, the property is only moments from the Bay Run, cafes, shops and schools.
A large crowd of around 150 people gathered to see the gavel fall on the jaw dropping result.
The facade of the old Californian bungalow.
The potential view if buyers were to upgrade the home.
“The home had been with the same owners for 55 years so there were a lot of neighbours and locals that knew the family and were curious to see what would happen.”
A Wahroonga vendor almost took an early offer that would have cost them $230k.
A four-bedroom at 133 Burdett St sold under the hammer for $2.13m.
The home appealed to a range of different buyers including house flippers, upsizers and first home buyers.
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Ray White Upper North Shore agent Tim Latham said the vendor almost accepted an early offer of $1.9m.
“But in the final hour they said lets see what happens,” Mr Latham said.
“Lucky they did because they ended up with an extra $230k.”
133 Burdett Street, Wahroonga sold under the hammer for $2.13m, when the vendor almost took an early offer of $1.9m.
The home sold far over the expectations of both the owner and Mr Latham who said it was a “pretty staggering result.”
“We thought if we can get over $1.9m that would be great.”
The auction had ten registered bidders and eight of them competed for the home.
The bidding opened at $1.6m , and went up in $50k increments until $1.7m, where the increments dropped to $10k.
The winning bidder planned to renovate the home before his parents moved in.
The last two bidders battled it out from the $2m mark.
The winning bidder was a local man living in the Upper North Shore who purchased the home for his parents, which he planned to renovate before they moved in.
Mr Latham felt there was a strict criteria for hot property in his area.
“If you’ve got a good parcel of land that’s relatively flat then buyers are throwing everything at it,” he said.
The large backyard of the Wahroonga home.
In Sydney’s South, a Beverly Hills home offered to the market for the first time since 1969 has sold under the hammer for $1.42m, $320k above reserve.
Auctioneer Andrew Cooley said the home was popular due to its potential to rebuild, or renovate.
Mr Cooley said Southern Sydney was becoming really popular.
Auctioneer Andrew Cooley at the Beverly Hills auction. NSW REAL ESTATE
“We are seeing a lot of the homes that have been in the family for 40-50 years and buyers are starting to go back to purchasing those properties you can renovate and update,” he said.
He said a couple of years ago, buyers were opting to buy new, now the trend was to buy old and update as building costs and materials seemed to be more accesible.
“Also with rates there is more clarity around what rates are doing. People can borrow with confidence that more than likely the rates will start to come down.”
Out of seven registered bidders, five competed in the auction.
Paramount Real Estate agent Robert Seib said the vendors were very pleased with the result.
“There’s a lot of buyers in the market, I feel they sense the interest rate cycle ending,” he said.
A Beverly Hills home sold under the hammer for $1.42m.
Another home in South Sydney sold under the hammer for $1.814m, $114k above its reserve.
Around 100 people turned up to see the gavel fall on the Engadine home at 127 Banksia Ave.
The home had a modern resort style design and featured a pool, open plan living and manicured gardens.
With 15 registered bidders, the heated auction had a total of 47 bids.
The home was sold by John Haidar at Kore Property Sutherland Shire and auctioneered by Avenue Auctions director Andrew Cooley.
127 Banksia Ave, Engadine.
The Engadine home sold for $1.814m.
An impressive warehouse transformation in Surry Hills has sold under the hammer for $3.455m.
Ray White Touma Groups’ Charles Touma said the vendors were “stoked” with the result and had been hoping to sell in the early $3m range.
“It was an industrali warehouse style terrace with high ceilings and potential for a double lock up garage,” he said.
“It really offered those features of a warehouse with open plan living,” he said.
123 Reservoir St Surry Hills sold under the hammer for $3.455m.
The property at 123 Reservoir St sold to a young family from Wollongong who were looking to relocate.
There were seven registered bidders and five were active.
Mr Touma expected that with school holidays and Anzac Day coming up the market would be a little quiet in April.
“We will start to see it find its groove again in May,” he said.
The Surry Hills warehouse home had been impressively renovated.
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