Sydney auctions: families break bank for homes – just to bulldoze them

Auctioneer Andrew Cooley at a Kyeemah property that sold for $435,000 over reserve.

Dated houses on large blocks attracted spirited bidding at auction this week amid “buoyant” buyer demand in the detached housing market.

More than 800 homes went under the hammer across Sydney this week and preliminary indicators showed about 70 per cent were a success for the sellers.

Standout results included a two-bedroom house in Kyeemagh in the St George area, which was snapped up by a young family with plans to bulldoze it.

The family paid $1.46m, $435,000 over reserve, for the Jacobson Ave house, beating out strong competition from nine other registered bidders – all families.

MORE: Exhausting auction ends after 200 bids

The unusual features our rich want in their homes

It was the first time the 477sqm property was up for sale in nearly 70 years.

Auctioneer and Cooley Auctions director Andrew Cooley said most of the interested parties also had plans to knock down the home due to the original condition. It is understood the buyers have long-term plans to build a new home on the property.

The Kyeemagh house that sold for $435,000 over reserve.

Developers were notably absent at the auction because the smaller size of the block ruled out duplex developments, Mr Cooley said. The home was listed with Century 21-Southern Realty agents Paul and George Karasalidis.

Out west, a two-level Greystanes house backing onto the Cumberland Golf Course sold for $920,000 – roughly $20,000 above expectation. The property also offered scope for a knockdown-rebuild project.

Thirteen buyers registered to bid with selling agents Sue Hazroli and Bill Baroudi of Hunters Agency & Co, with six submitting offers for the Kootingal St home.

Auctioneer Michael Garofolo said bidding was rapid until it hit $900,000. “Suddenly the handbrake was on and most of the market pulled back,” he said, adding the remaining bids came in slowly.

In the inner west suburb of Croydon Park, a four-bedroom house with stables out the back sold for $2.51m, with the proceeds donated to charity.

It was the highest price recorded in Croydon Park this year and selling agent Matthew Nolan of Rich & Oliva said the generous block attracted renovators and those with plans to extend the heritage home.

More than 100 groups of keen buyers had inspected the property on Leopold St in the lead up to the auction.

19 Kootingal St, Greystanes sold for $920,000.

In nearby Earlwood, a “character” house on a 700sqm block sold under the hammer yesterday for $220,000 over the vendor’s expectations after attracting six bidders.

More from news

Point Piper unit of the former Lady Street sells for $13,025k
Top 50 homes in NSW: What’s on trophy home wishlists in 2020

The price of the three-bedroom house on Earlwood Ave was $2.57m and the auction attracted a crowd of about 100 people spread across the street and pavement.

It was a new record price for a single storey home in the suburb, sales data revealed.

Ray White-Belmore selling agent Dean Vasil said the sellers were “over the moon” considering they paid about $1.98m for the home five years and only renovated the bathroom.

The Earlwood home on Earlwood Ave.

Auctioneer Alex Pattaro received an opening bid of $2m. The buyers were a family from the northern beaches.

In Chippendale, a home converted from a former box factory sold for $991,000 after attracting considerable interest from first homebuyers.

Ray White-Erskineville director Ercan Ersan said the home epitomised the trendy warehouse conversion. “It’s got everything you want … high ceilings, huge windows, concrete floors and exposed timber beams,” he said.

About 100 groups inspected the unit. Vendor Alison Greer was selling to upgrade to a house and she said she thought it was a good time to be trading property.

“I feel like next year might offer some challenges so I believed now was a good time to go,” Ms Greer said.

Source link