A couple's hard work renovating their family home has paid off, with the property selling for $800,000 more than they bought it for in 2015.
Their three-bedroom, two-bathroom home in Lane Cove North was one of 834 homes scheduled to go under the hammer for the first Super Saturday this spring. By evening, Domain Group had recorded a clearance rate of 70 per cent from 568 reported results.
While the number of auctions fell short of the 984 scheduled for the record setting September Super Saturday in 2015, it was still one of the biggest September auction days ever - with vendors keen to avoid selling over next week's busy Labour Day long weekend.
Despite almost 100 people turning out for the auction of the recently renovated property at 47 Farran Street, it came down to a two-man race for the 696-square-metre corner block.
There were six registered bidders in the crowd, but auctioneer Edward Riley of McGrath Estate Agents was greeted with silence when he called for an opening offer.
More than a minute passed before a buyer from Petersham made a $2 million bid, which was quickly surpassed by a $2.05 million offer from a Roseville buyer.
From there a bidding war ensued, with the offers going up in $50,000 and $25,000 increments.
The Petersham man eventually knocked out the competition with a $40,000 bid increase that took the price to $2.39 million. However he only secured the home after increasing his offer to the $2.4 million reserve, following a discussion with agent Brent Courtney of McGrath Lane Cove.
"I'm glad [the underbidder] didn't come back with another bid," said buyer David Brophy after the auction. "I took [the bidding] to the top of our limit."
The purchase ends a five-month house hunt for Mr Brophy and his wife Rachael, who he was on the phone to throughout the auction.
He said the level block was the perfect property for his young family, who are upsizing from a terrace, as it's close to schools, has room for a further extension and a big backyard with space for a pool.
Vendors Ruwan and Sian Wijetunga were delighted with the result which was well above the suburb's $2.01 million median house price and the $1.6 million they paid for the property in March 2015.
The couple spent about $300,000 transforming the property, which they bought as a deceased estate in poor condition, into their dream home for them and their two young children.
"We thought we'd be here forever, but we've decided we need a bit more space," Mr Wijetunga said. The young family will be upsizing to a nearby townhouse, which they've bought off the plan.
A few suburbs over in Greenwich, another young family dug deep to nab a semi-detached federation home that sold for $456,000 above reserve.
Bidding on the three-bedroom, one-bathroom property at 2 Evelyn Street opened at $1.7 million. The second bid took the price to the $1.75 million reserve, and the bidding continued to go up quickly from there as five of eight registered bidders vied for the keys.
The 259-square-metre property, which also sold through Brent Courtney, was snapped up for $2,206,000.
Mr Courtney noted that semi-detached homes, particularly ones with parking, were a rarity in the area and received strong interest from both young families and downsizers.
While Sydney's clearance rate dropped to 67 per cent last Saturday - its lowest result since December 2015 - Mr Courtney said A-grade properties were still drawing in buyers.
In neighbouring Wollstonecraft, a three-bedroom, two-bathroom townhouse with two parking spaces sold for $80,000 above reserve.
Bidding on 4/30 Christie Street started at $1.7 million and went up in $50,000 and then $10,000 increments, with five of eight registered bidders making offers on the home.
A young couple upsizing from the inner west snapped up the townhouse, sold through Tom Scarpignato of Belle Property Neutral Bay, for $1.93 million.
The vendors - a couple who renovated the property after purchasing it for $796,000 in 2008 - are upsizing to a larger home for their young family.
Elsewhere in Sydney
10 Toothill Street, Lewisham NSW 2049. Photo: Supplied.
SOLD $2.37 million
Lewisham
10 Toothill Street
5 bedrooms, 4 bathrooms, 2 car spaces
Investors went head to head for this block of four apartments on Saturday. Biding on the block - which has one two-bedroom apartment and three one-bedroom apartments - started at $1.9 million. The bidding went up in $50,000 jumps until hitting $2.2 million, as three of the four investors registered to bid, battled it out. Bidding dropped down to $10,000 increments before the 538-square-metre property sold. It went for below the $2.4 million reserve. Agent Filippo D'Arrigo of Raine & Horne Marrickville said the buyer planned to continue renting out the apartments, which are all tenanted. The block last sold for $2.22 million in 2015.
4 Campbell Street, Waverley. Photo: Supplied
SOLD $3.16 million
Waverley
4 Campbell Street
3 bedrooms, 2 bathrooms, 1 car space
After failing to sell under the hammer, this recently renovated Californian bungalow was snapped up by a young couple looking for their dream home. Bidding on the property opened at $2.9 million and went up in $50,000 increments as the couple and another party battled it out. After bidding came to a halt at $3.1 million, a vendor bid of $3.15 million was made - at which point the property passed in. However about five minutes later, the couple topped the vendor bid by $10,000 and secured the home for $140,000 below the $3.3 million reserve. The home, sold through Alexander Phillips of Phillips Pantzer Donnelley, last sold for $2.41 million in 2015.
2301/197-199 Castlereagh Street, Sydney NSW 2000. Photo: Supplied.
Sydney CBD
2301/197-199 Castlereagh Street
2 bedrooms, 2 bathrooms, 1 car space
While 30 groups inspected this apartment and more than 20 contracts for the property were issued prior to auction, it drew just one registered bidder on the day. After that buyer failed to make an offer, the property passed in on a vendor bid of $1.15 million. As of Saturday afternoon Anthony Paraschos of Callagher Estate Agents was negotiating with multiple parties, said to be a mixture of investors and owner occupiers. He expected the property to sell in the coming days for a figure within the $1.1 to $1.2 million price guide. Records show the apartment last sold for $565,000 in 2009.
505N/2 Lardelli Drive, Ryde NSW 2112. Photo: Supplied.
Ryde
505N/2 Lardelli Drive
2 bedrooms, 1 bathroom, 1 car space
An investor who showed up half way through the auction, beat out first-home and second-home buyers to nab this fifth floor apartment. After bidding opened at $750,000, it went up in $10,000 jumps as three of five registered parties tried to outdo each other. The local investor - who was running late to the auction - was the last to join the fray. Before the home sold under the hammer, bidding dropped right down to $500 increments. The end result was $39,000 below the vendor's initial $880,000 reserve. The property sold through Michael Gallina of Belle Property Hunters Hill.
8 Bennalong Street, Granville NSW 2142. Photo: TouchIn Media
SOLD $795,000
Granville
8 Bennalong Street
3 bedrooms, 1 bathroom, 3 car spaces
First-home buyers lost out to a local investor when this 392-square-metre property went under the hammer at auction on Saturday. The bidding opened at $700,000 and went up in $10,000 jumps as four of eight registered bidders vied for the keys. The investor, who had previously been a resident of Bennalong Street, nabbed the home for $55,000 short of the $850,000 reserve price. Records show the home last traded for $280,000 in 2006. The home sold through Soon Tee of LJ Hooker Granville, who showed 40 groups through the property and issued 30 contracts prior to auction.
