Sydney auctions see emotional farewells and investor sales – realestate.com.au – realestate.com.au

Fiona Killman, Real Estate Reporter
First published 22 Jul 2023, 4:06pm
Auctioneer Paul Wright brings down the gavel on an emotional sale in Rydalmere. Picture: Julian Andrews
When the hammer dropped on their family home in Rydalmere, three siblings farewelled the “last part of their mum and dad”.
It was an emotionally charged auction for Mava and her brothers as they sold the home of their late parents Bernie and Nona after more than 60 years.
Ray White Parramatta’s chief auctioneer Paul Wright dropped the hammer on 25 Pine St at $1,575,000.
It was one of 591 auctions in Sydney this week with strong results continuing for quality homes amid low stock levels.
The Rydalmere auction was hotly contested with seven registered bidders and four active.
Around 70 people attended the auction in Pine St. Picture: Julian Andrews
Auctioneer Paul Wright dropped the hammer at $1,575,000. Picture: Julian Andrews
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One of two late bidders secured the sale responding quickly to bids which came in increments of $5000.
Mava said the house was built by their mum and dad 62 years ago, with the family living in the garage during construction.
“They built the garage first so we could live there, we have a lot of great memories,” she said.
“At the time the water tasted terrible from the old galvanised pipes and we had to run out to the outside toilet which was the old chain style.
25 Pine St, Rydalmere was built 62 years ago.
The family of five lived in the garage (left) while the home was constructed.
“We all look back on it as great times. It’s an emotional day … I can see dad sitting on the front veranda.”
There were tears and hugs after the sale which ended up $100,000 over reserve.
Ray White agent Emile Corbino said it was a strong result for the area, with the buyers brothers looking to eventually rebuild.
Meanwhile in Forest Lodge, an investor offloaded an apartment for $50,000 over reserve.
The unit at 305/136 Ross St went under the hammer at $800,000 with a first homebuyer the winning bidder.
Ray White agent Matthew Carvalho said there were six registered bidders and all were active during the auction.
An investor sold an apartment at 136 Ross St Forest Lodge for $800,000.
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“The good real estate, A-grade properties with good fundamentals are performing well, with some of the other stock buyers are being a bit more selective,” Mr Carvalho said.
“There’s definitely more investors selling at the moment, probably due to the rise in interest rates. Investments are always the first thing to go.”
Another investor sold a home at 26 Callan St Rozelle for $2.58m.
Ray White Norwest agent Fan Li said the buyers were a couple upsizing.
26 Callan St Rozelle was also sold by an investor.
“All the interest we had came from young couples with children who wanted a large house near the CBD,” Mr Li said.
“There have been more investors selling at the moment as interest rates have gone up and rent often can’t cover the mortgage.”
Cooley Auctioneer Michael Garofolo recorded a strong sale in a sought-after street in Rhodes “smack bang” on the reserve at $3,850,000.
The auction of 50 Llewellyn St had four registered bidders with two active and eventually sold to an owner-occupier looking for a change of scenery.
50 Llewellyn Street, Rhodes.
Mr Garofolo said they were planning a massive renovation to take advantage of the views out to the city.
“It’s a stunning spot, that’s why it commanded that kind of price,” he said.
Other strong results included a North Balgowlah bungalow which sold this week after its first open home for more than $500,000 over the price guide.
The home, at 3 Myrtle St, was listed for auction in August however has sold well ahead for $2,211,000.
A North Balgowlah bungalow sold after its first open home.
It comes just nine months after the home was bought for $1.7m, with the owner doing renovation works.
Agent Jake Rowe, from The Agency, put the fast sale down to a lack of stock and few properties under $2m.
Compared to this time last year, auction numbers are significantly up across Sydney, according to PropTrack economist Anne Flaherty.
“There are 591 auctions scheduled in Sydney this week, up 56 per cent year-on-year, and 746 auctions scheduled next week, up 88 per cent year-on-year,” she said.
“This uptick in selling activity could be a signal of strengthening vendor confidence and is good news for buyers who, for much of this year, have faced limited choice.”
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