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Auctioneer Jon Craven drops the hammer on 83 Station St, Tempe. Picture: Tim Hunter
A continuing shortage of available housing has helped homeowners get stronger-than-expected results at auction over the weekend.
PropTrack data revealed Sydney had its biggest January increase in new listings in close to 13 years, with new listings rising 27 per cent, but agents claim the bump hasn’t been enough to cool the market.
It’s come off the back of close to a year of low listings activity, with demand from buyers beginning to rise as the initial “shock” of interest rate rises subside.
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“There’s still much more demand than there is supply,” said Joseph Halavazis of McGrath-South Hurstville.
Mr Halavazis made these comments fresh off the sale of a dated house near a major flight path in Tempe for $1.25m – $300,000 above the council land valuation of $950,000.
A family of renters snapped up the home on Station St, beating out strong competition at auction from six other registered bidders, including developers, investors and renovators.
It is understood the family will renovate the home and move in.
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There were plenty of buyers willing to spend on a renovation, despite recent increases in building costs and labour, Mr Halavazis said.
Agents had reported for much of 2022 and 2023 that buyers had been reluctant at the time to purchase fixer uppers due to a lack of confidence in the building sector.
“Buyers have now adjusted their expectations around building costs and are taking that into consideration,” Mr Halavazis said.
Auctioneer Jon Craven said the Tempe sale was a “very strong result”.
“We are getting really good numbers across the board at our auctions and bidding has been getting more competitive. There is probably more confidence from buyers than there was a year ago,” he said.
Among the other strong sales was a federation-style house in Glebe that changed hands for $3.08m – $380,000 above the reserve. The buyer was understood to have been represented at auction by his parents, who bid on his behalf. The underbidder was a first homebuyer. Six bidders registered for the auction and four made bids. Bidding started at $2.5m.
32 Eglinton Rd, Glebe sold for $380,000 over reserve.
Selling agent Matthew Carvalho of Ray White-Glebe said housing stock remained limited. “There’s some confidence returning and not as much stock coming on as people thought there might be,” he said.
On the north shore, homeowners in Roseville secured a price at auction that was close to double what they paid for their five-bedroom home nine years ago. The double-level house on Marjorie St sold for $4.9m and had last traded for $2.6m in December 2014, records showed. There were two registered bidders who both competed at the auction.
10 Marjorie St, Roseville sold for $4.9m.
Selling agent Jessica Cao of Ray White-Upper North Shore revealed that a young family who were renting in the area were the new buyers. The sellers were upsizing.
On The Central Coast, a Budgewoi house 120m from the beach became hot property when 16 bidders registered for the auction.
The two-bedroom house on Ourringo St sold under the hammer for $930,000.
Selling agent Samantha Stokes of Ray White-Thompson Partners said the 70-year-old house had received a lot of interest with 100 groups through the open homes throughout the campaign.
“The buyers were a couple whose son will live in the home with future plans to renovate or knockdown and rebuild,” Ms Stokes said.
“It was largely Sydney-based bidders who either had family up here or (holidayed) here as kids. They predominantly wanted to knock down and rebuild.
“The area is very aspirational. There’s only 400 homes here so not much trades here.
“The house … is one of the last original cottages in the area. It’s about 120m from the beach.”
6 Norfolk Street, Paddington.
In the eastern suburbs, a terrace in Paddington sold under the hammer for $2.7m – well above the expected price.
The price for the two-bedroom property at 6 Norfolk St was $300,000 above reserve. Four bidders registered with selling agents Maclay Longhurst and Emily Davidson of Sotheby’s.
Mr Longhurst said the dual-access block and location in the heart of Paddington were among the draws for buyers. There was also scope to improve the deceased estate with modern updates.
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