Source : the age
A first home buyer paid $2.33 million for a Roseville house under the hammer on Saturday, pushing the price above the reserve despite the sluggish Sydney property market.
The three-bedroom house at 55 Abingdon Road has an enclosed gazebo in the backyard and views to Chatswood and is set on a large block of 1005 square metres.
The property was one of 561 scheduled to go to auction in Sydney last week. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 54 per cent from 325 reported results throughout the week, while 106 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Seven parties registered for the Roseville home, most of whom were young couples and families. Two parties were first home buyers. The three who were active had shown the most interest during the campaign.
Bidding opened at $2 million, the first bid placed by the winning buyer, and jumped quickly in $50,000 increments to $2.15 million.
Then a $150,000 bid took it above its $2.2 million guide to $2.3 million. The price then went to $2.32 million and finally $2.33 million.
The home sold for $30,000 above its $2.3 million reserve. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
“Buyer activity is as… we all know not as hot as last year,” Ray White Upper North Shore selling agent Jessica Cao said.
“However, we do see properties are selling in the recent weeks… which means buyers probably feel more comfortable now or accept the market as is.”
The buyer is a first home buyer who was renting in Chatswood. The vendor is downsizing in the area.
Elsewhere, seven bidders registered for a gingerbread-house-like home at 13 Darmenia Avenue in Greystanes.
The unique two-storey, four-bedroom house with manicured gardens and timber lined interiors drew the interest of local, upsizing families.
Bidding opened at $1.5 million and four parties actively competed in the rain before a small crowd in the front yard.
Bids of $50,000 and $25,000 climbed until the price reached $1.9 million, where it met its reserve. Then the house was called on the market and a flurry of $5000 and $10,000 bids went back and forth rapidly between the last two bidders.
Last week the vendor almost accepted $1.9 million but went to auction and earned $100,000 more. The property sold for $2 million, with a small child dropping the hammer for his parents.
Selling agent Jason Gebran from LJ Hooker Greystanes said the guide was based on buyer feedback ranging from $1.8 million to $1.9 million. He said there were no first home buyers at this price point.
“Entry level in Greystanes is around $1.3 [million] so $2 million is not first home buyer,” he said.
Gebran said the current market was “brutal”. “It’s really tough. A lot of indecision. We’ve gone from fear of missing out to fear of overpaying very quickly.”
The home last traded for $1.4 million in 2023, records show.
