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The knockdown was one of 847 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 71.2 per cent from 539 reported results, while 112 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
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In Lilyfield, a renovated Victorian farmhouse at 21 O’Neill Street sold for $2,892,000. The beautifully styled freestanding home with a white picket fence and frangipani trees drew six registered bidders.
Bidding on the three-bedroom house opened at $2.5 million and climbed in a mix of $50,000 and $100,000 increments to start, as four of the buyers competed. Bidding slowed right down to $1000 increase before the fall of the gavel. The home sold for above the $2.5 million to $2.75 million price guide.
The buyer was a downsizer, while the vendors were upsizing locally. Records show they purchased the home on a 291-square-metre block for $2,165,000 in 2019.
Selling agent Luke Grosvenor from BresicWhitney Inner West said the home’s traditional facade and proximity to the city appealed to buyers.
“[It had] a farmhouse, cosy type aesthetic, close to the city, which is rare,” he said.
He declined to disclose the reserve, but said the result exceeded expectations.
In Bellevue Hill, a three-bedroom penthouse located at 6/97-99 Birriga Road sold for $3.6 million.
The penthouse had a wrap-around balcony, direct lift access and two parking spaces, and was guided between $3.3 million and $3.6 million.
The auction began with an offer of $3.2 million and two of the three registered bidders competed. Bidding went up in $100,000 and $50,000 jumps the whole way until the penthouse sold to a local family represented by a buyers’ agent. The vendor had relocated overseas and flew in from New York for the auction.
Selling agent Ron Bauer from Ray White Unlimited said the home sold above expectations, but declined to reveal the reserve.
“Everyone really warmed to the place and really liked it,” he said.
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“There’s a lot of properties that are called penthouses that have maybe one or two or three other properties on the top level. This is a true entire top-floor penthouse.”
Records show the penthouse last sold for $2 million in 2006.
PRD chief economist Dr Diaswati Mardiasmo said the auction clearance rate had remained stable in recent weeks, as an uptick in homes for sale was absorbed by house hunters.
“Buyer interest is back – it’s growing, it’s going up. There are more properties that are available for auction. People are transacting. And it doesn’t seem that we are seeing any slowdown in buyer activity.”
Mardiasmo said the steady cash rate had given buyers and sellers more confidence to transact, and noted buyer demand could be stronger in the first quarter of the year, which was typically impacted by stronger international migration due to university and work contracts beginning.
“That tends to have a bit of an uplift in market activity because of people wanting to find homes to work… so that adds to the demand pool.”
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