A crowd of 40 stood on the manicured gardens at,five parties registered and all five made offers on the home guided between $10 million to $11 million.
Bidding opened at $8 million,with bids ranging from $100,000 down to $1000.
There was a steady back-and-forth of $1000 bids between two parties and the home sold for $11,601,000 some 40 minutes after proceedings started,well above the $10 million reserve.
Selling agent Luke Hogan from McGrath Paddington said the reason it was so popular was the potential for views of Sydney Harbour.
Hogan says properties along the same street have sold around the $30 million range.
“The further up the hill you go,you’ve got better views. If you build another storey on top of this,you would have views of Sydney Harbour,” he said.
The buyers are a local family with plans to submit a development application. The vendors had lived there for 60 years.
The home was one of 851 scheduled auctions in Sydney on Saturday.
By evening,Domain Group recorded a preliminary auction clearance rate of 72 per cent from 568 reported results,while 105 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Manly,a heritage-listed double-brick original home attracted interest from all over the northern beaches,interstate and even overseas.
The five-bedroom,two-storey house at came with parking and was just 150 metres from the sand of Queenscliff Beach. The guide was initially $6 million to $6.6 million but was adjusted in the final week of the campaign to $6.5 million to $7.15 million,based on interest.
Bidding opened at $6 million. Bids jumped in $100,000 increments all the way to $6.5 million,then slowed to $25,000 increments for a few rounds until $6.7 million,then jumped again in $100,000 bids until a final offer of $7.3 million secured the property for a Victorian buyer winning against three local bidders from the northern beaches.
The property was sold by Michael Clarke and Cherie Humel from Clarke&Humel. Clarke declined to share the reserve but said the property had been in the same family for 58 years.
“A very special property that deserved a very special price,” he said.
In Blacktown,a house and granny flat currently receiving $950 a week in income at sold for $1,248,000.
The combined dual income with the potential to increase to the market value of $1100 per week attracted six registered bidders and four made offers,all of whom were investors.
Bidding opened at $1 million after a $900,000 offer was knocked back. Bidding increments of $20,000,$30,000,$5000,and $10,000 were placed aggressively until $1.24 million,then several $1000 bids slowed the action down until an investor secured the keys for $1,248,000.
The combo deal was guided at its reserve of $1.2 million. The vendor,who was happy with the $48,000 above reserve,was releasing their investment as they were in the middle of a building project.
Selling agent Matthew Lucas from LJ Hooker Blacktown said the dual income was the main reason the property sold.
“A lot of my buyers,particularly investors,are looking for that dual income return,” said Lucas.
LJ Hooker head of research Mathew Tiller said Blacktown was a top spot for investors due to an undersupply of newly built homes,compared to the size of population growth for that market.
“Overall,a good level of tenant demand,it’s got great infrastructure,good location,cheaper median property price as well,” he said.
“It’s an area which really does attract some good rental demand because of some of those lower rents – but also,higher population growth moving into the area as well has meant that demand has outstripped supply in terms of new homes.”
Tiller said the weekend clearance rate of 72 per cent was strong.
“Anything over 70 per cent is a strong result for the market. We are seeing good demand at the moment,good inquiry and demand from buyers,particularly at the more affordable end of the market.”
Tiller said sentiment around interest rates declining over the course of the year is giving buyers confidence and is a key driver at the moment.
In Strathfield a seven-bedroom,four-bathroom family home at sold for $4.3 million,above the $4.1 million reserve and $3.9 million guide.
The buyers have a large family big enough to fill all the rooms and have been looking in the area for nearly two years.
It was sold by Tarun Sethi from McGrath Strathfield.