A bidding war between 16 registered first-time buyers has pushed the price of a North Epping home to nearly $ 300,000 above the auction reserve.
The four-bedroom house was one of 707 properties scheduled for auction in Sydney on Saturday.
The auction took place just days after the state government announced that the stamp duty could begin to be removed from next year.
While the move could save house hunters tens of thousands of dollars in upfront costs, those already willing to buy had little incentive to delay.
The 4 Woodvale Avenue auction, which was on the market for the first time in more than 60 years, attracted 14 first-time homebuyers to the site – with two other first-time buyers bidding online.
4 Woodvale Ave, North Epping NSW 2121
A family renting in Bellevue Hill and bidding online, made an opening offer of $ 975,000.
This was followed by offers from five other first-time homebuyers, with more than 40 offers made before the hammer fell to $ 1.39 million – $ 290,000 above the reserve.
The first bidders, who move to the good schools in the area, were the successful buyers of the 803 square meter block.
It was a bittersweet moment for Sheryl Hays, who grew up in the house owned by her late father. She was saddened to say goodbye to the longtime family home and community of Epping, but delighted with the outcome.
“We just didn’t know [how it would go] with COVID it could have gone up and it could have gone down, ”Ms. Hays said.
Auctioneer Peter Matthews said there has been a strong demand for homes in family-oriented markets, especially from buyers with good job security who are able to borrow more with record interest rates.
The Agency North’s sales agent Catherine Murphy added that the first-time homebuyer market has been particularly strong, with buyers looking to buy before Christmas, amid fears of further price hikes next year.
Although buyers mentioned the potential stamp duty changes, Ms Murphy said, they still felt it was better to enter the market now, rather than delay their purchase to potentially save on stamp duty.
In the city center, an investor beat 11 other registered bidders for a Darlinghurst patio – on the market for the first time since 1973 – when it sold for $ 18,000.
221 Forbes Street, Darlinghurst NSW 2010
The auction for the two-bedroom, one-bathroom home with no parking at 221 Forbes Street opened at $ 1.4 million. It mostly climbed in a mix of $ 10,000 and $ 20,000 increases as six bidders vied for the 77-square-meter block.
A novice investor beat a mix of families and young couples with a winning bid of $ 1.99 million – $ 390,000 over the reserve. The property sold through Nuri Shik of Laing + Simmons Potts Point.
5b / 3 Campbell Parade, Bondi Beach NSW 2026
In the eastern suburbs, four bidders pushed the price of another well-kept house $ 470,000 above its reserve.
The three-bedroom Bondi Beach apartment at 5b / 3 Campbell Parade had captured the interest of international and local buyers, thanks to its beachfront position and panoramic views.
It was sold to a local owner-occupant for $ 4.27 million, through Shannan Whitney of BresicWhitney Darlinghurst.
52 Lang Road, Centennial Park NSW 2021
Meanwhile, at Centennial Park, a six-bedroom, five-bedroom home on a whopping 1,506 square meters – the largest single block on prestigious Lang Road – drew four bidders.
Three of the buyers threw their hats in the ring, pushing the price down to $ 11.7 million, at which the property was sold – $ 300,000 less than the price guide and the $ 12 million reserve.
Records show the property last sold for $ 5.36 million in 2003. Benjamin Goodwin of McGrath Double Bay has the list.
8 Rushall Street, Pymble NSW 2073
On the Upper North Rim, a last-minute bidder bought a five-bedroom house in Pymble for $ 3.18 million.
Auctions at 8 Rushall Street started at $ 2.8 million and four buyers pushed the price to $ 3.04 million, in which case an unlisted bidder shouted that she wanted to make a bid.
“We rushed to get it listed and the auction then continued until the final sale price of $ 3,180,000 – $ 80,000 more than the highest bid before the auction,” said Rowan Lazar of Ray White Upper North Shore.
“If she had come 30 seconds later, it would have been over.
Chatswood buyer Melissa Qiu had only inspected the property for the first time on Wednesday. She arrived late at the auction and had no plans to bid on the property – only her family will grow.
Ms Qiu said she had not been in the market for a new home, but decided to go inspect the Pymble property after hearing her friends talk about the house.