The four-bedroom family home at was initially guided at $2.7 million but was raised to $3 million during the campaign based on the interest.
Bidding opened at $2.9 million with three parties making offers in increments from $100,000 down to $5000 increments until a deal was made under the hammer for $3.48 million.
The buyer was upsizing from their apartment in Lane Cove and the parents helped secure the home,bringing the Bank of Mum and Dad along. Both are selling their homes to live in this one together. They had been outbid on properties before and decided they wanted to stay in the area together rather than move further out of Sydney separately.
The vendor was thrilled after holding the home for 30 years. The property last traded for $326,000 in 1992,records show.
Selling agent Peter Grayson from BresicWhitney Inner West declined to share the reserve but said it sold above expectations.
Grayson said the 841-square-metre block had everything a growing family is looking for with the convenience of school in walking distance and a lovely park.
“There’s been a pickup of supply but it’s still an under-supply when it comes to homes…freestanding homes.”
The freestanding home was one of 836 scheduled auctions in Sydney on Saturday.
By evening,Domain Group recorded a preliminary auction clearance rate of 65.2 per cent from 537 reported results,while 135 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
A three-bedroom terrace in Paddington that sat vacant for 15 years sold for $25,000 under its reserve of $2.8 million to a father purchasing for his daughters to live in.
Guided at $2.5 million,the property located at had not been lived in since 2009 due to various stages of renovation and the owner relocating overseas. The auction attracted five buyers,a mix of builders and owner renovators all seeking to finish the renovation job and live there.
Bidding opened at $2.3 million and two actively bid in $100,000,$50,000 and $25,000 increments until the final price of $2,775,000.
Selling agent Mark Foy from McGrath Surry Hills said the renovation is probably 90 per cent complete.
The terrace last traded for $415,000 in 1995,records show.
In Thornleigh,a five-bedroom luxuriously appointed home located at sold for $3,398,000. The pristine property situated on a sprawling block of over 1000 square metres included a swimming pool and an approved granny flat.
The guide for the property shifted several times throughout the campaign,initially starting at $2.5 million then adjusted to $2.8 million and early $3 millions.
Bidding opened at $2.85 million with the entire street watching on. Six parties registered and three made offers on the home.
A flurry of bids starting in $150,000,$100,000 and $50,000 increments were made until bidding slowed in smaller offers and the keys were secured for $3,398,000 by a family with two children at the local school.
The vendors are relocating to Newcastle.
Selling agent Emily Ashman from Ray White Upper North Shore declined to share the reserve.
The home last traded for $1,275,000 in 2012.
In Parramatta,a two bedroom unit located at was the most affordable auction sale in Sydney on Saturday selling for $470,000.
The two bedroom unit had no guide as it was an investment property repossessed by the bank. Four investors showed interest in the property.
Bidding opened at $330,000 and two investors made $10,000 bids the whole way to the final price of $470,000.
Selling agent Rowan Thredgold from McGrath Parramatta was unable to share the reserve but estimated a possible rental return of $450 per week.
Thredgold said the investors were interested due to speculation about future redevelopment.
In,a six-bedroom luxurious residence at 41 Collector Drive passed in for $2.7 million and is now on the market with a price bracket of $2,899,000 - $3,999,000. The property is listed with Gary Tomlins from LJ Hooker Oran Park.
Chief economist at AMP Dr Shane Oliver said the weekend clearance rate of 65.2 per cent is a soft reading which will only become softer once it is revised down.
“It’s possible that Sydney is going the same way as Melbourne. Melbourne started the year off okay,and then it’s gone downhill. Sydney,maybe following Melbourne with a bit of a lag.”
Oliver said in the first half of the year,there’s usually strength in the run up to Easter. And then after Easter,winter follows and everything cools off.
“I suspect it’s got a lot to do with that initial optimism about… prospects for interest rate cuts fading somewhat.”
“In the meantime,you’re left with buyers having to contend with still very high interest rates right here right now. Uncertain prospects as to when they’ll be cut. And there’s also the possibility that some of that strength in the listings reflects distressed sales as existing homeowners struggle with the continuing high rates.”