Source : the age
A local investor paid $1,475,000 at auction on Saturday for a family home in Guildford on two lots with dual street frontage.
The three-bedroom property at 9 Queen Street had no guide but received buyer feedback of about $1.1 million; the reserve was $1.3 million. Interiors feature retro timber cabinetry and pastel walls.
The property was one of 730 scheduled to go to auction in Sydney this week.
There were 21 registered bidders and five took part. Ray White Parramatta’s Alexander Sallit said it’s “rare” for two-lot properties in the area to come onto the market.
“Blocks this size in the Parramatta region come up once a year, so people will fight over them.”
A local investor paid $1,475,000 at auction on Saturday for a two-lot property in Guildford.Credit: Domain
Bidding opened at $1 million and rose predominantly in $50,000 increments.
Sallit said the buyers may knock down the property. They outbid local builders and investors.
The vendor downsized in Queensland after living in the property for about 50 years. Guildford’s median house price rose 11.4 per cent to $1,225,000 in the year to March on Domain data.
In North Ryde, a family from Marsfield upsized to a four-bedroom home, paying $2.6 million at auction.
The property at 13 Donald Street had a guide of $2.1 million. Interiors feature floorboards and a neutral palette, and there is a back deck to entertain.
All four registered bidders took part. Bidding was slow to start, eventually opening at $1.8 million. Stone Real Estate North Ryde’s James Sarzano said they amended the reserve from $2.1 million to $2 million on the auction floor, and from there, bids were flying.
The buyers outbid investors and families who saw knock-down potential. The property was being sold on behalf of The Mission to Seafarers charity.
Sarzano said buyer sentiment had improved since the Reserve Bank’s recent interest rate cut.
“I think we’ll see the result of those rate drops coming into effect in coming weeks,” he said. “I think the perception is they’ll continue to drop and prices will probably go north.”
In North Ryde, a family from Marsfield upsized to a four-bedroom home, paying $2.6 million at auction.Credit: Cooley
Cooley auctioneer Michael Garofolo agreed. “I think everyone would agree that there are more cuts to come, even just one. So if you’re in the market in 2025, my advice would be to not wait until tomorrow because you’re only waiting to pay more.”
North Ryde’s median house price rose 5.1 per cent to $2.49 million in the year to March on Domain data.
