There was strong bidding at auctions this weekend across much of the Sutherland Shire, which has become a standout market during COVID-19.
Demand for housing in the area has been rising as work from home arrangements make it more attractive for professionals who once commuted to the Sydney CBD.
An original condition property on the Cronulla waterfront sold under the hammer Saturday for $3.36 million – about $230,000 above reserve.
Selling agent Justin Buck of Gibson Partners said the home on Dodson Ave was an exceptionally rare offering for the area and was up for sale for the first time in 50 years.
Five bidders registered and three submitted offers.
“It was a smaller block for the waterfront, so the price was higher than expected,” Mr Buck said. “There is a real shortage of waterfront land.”
A three-bedroom house in Caringbah, also with scope for improvement, sold at auction for $1.35 million, $250,000 above the vendor’s reserve.
Seven bidders registered with Ray White-Caringbah agents Wendy Samrani and Joseph Alam. Auctioneer Andrew Cooley received an opening bid of $1 million for the house on Kingsway.
Mr Cooley said the R4 zoning and opportunity for redevelopment helped drive up the price. “Developers and first homebuyers fought it out,” Mr Cooley said.
A four-bedroom house on Box Rd in Sylvania sold for $1.392 million – $142,000 over reserve.
Mr Cooley called the auction on behalf of Greg Gilbert Real Estate and said “young families were all over it”.
The sales come hot on the heels of a $5 million-plus sale in Burraneer earlier this week and a $7 million sale two months ago.