In Greenacre, a young family who lives opposite 21 Ivy Street were outbid for the three-bedroom, one-bathroom home, which sold for $1.29 million.
The successful buyers are a young family from the suburb who will renovate and rent out the home before knocking it down to build their dream home. The other two active bidders were builders and developers from the suburb.
Professionals Greenacre Real Estate’s Bassam Barake said bidding was slow to start with an opening bid of $1.1 million made by one of the developers.
Bidding rose in increments of $5000 to $10,000 and came to a halt at $1,287,500, with the reserve set at $1.3 million.
Barake said the owner decided the figure was close enough to get it on the market.
“With all the talk about interest rates coming down, there are more properties now than what there were a couple of months ago,” Barake said. “It’s not a supply issue any more. Buyers are picking and choosing and waiting for a property that ticks all the boxes.”
In North Sydney, a townhouse sold for $2.4 million to a family upsizing from a neighbouring suburb.
The four-bedroom, two-bathroom home at 4/50-60 Clark Road had a price guide of $2.3 million and a reserve set at $2.4 million.
The property, not far from the new metro, attracted three registered buyers, all upsizing families. There was an opening bid of $2.2 million, and the bidding rose in $25,000 increments between two buyers for most of the auction. But bidding did stall for a moment and negotiations ensued until the hammer fell at $2.4 million.
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It sold through Nicholas Christou and Louise Barton of BresicWhitney Lower North Shore.
Barton said there was interest from upsizing families, downsizers, as well as a few investors during the campaign. However, when it came to auction day it was only upsizing families that chose to bid.
She said interest in the property and North Sydney lies in the new metro line that runs from Chatswood in Sydney’s lower north shore to Sydenham in the inner west.
“The new metro is definitely making a difference to the area. It’s so convenient as you can be in Barangaroo in just three minutes’ time from North Sydney,” she said.
“People once thought the area was quite commercialised, and it has now become a key lifestyle suburb. More families are looking to move into the area whereas it used to be quite investor-driven.”
Over in Frenchs Forest, young couples fought it out for a three-bedroom, one-bathroom home that sold under the hammer for $2,282,000.
The property at 4 Comeroy Crescent drew nine registered bidders and four active bidders, with tight bidding between three young couples.
The property sold to a young couple, thought to be in their thirties, from the inner-city suburb of Chippendale.
Stone Real Estate Forest’s David Hayden said the winning couple attended the auction by themselves, with no family in attendance.
Guided at $1.95 million, the reserve was set at $2.15 million. Hayden said the reserve would have been reduced to $2.1 million if need be.
An opening bid of $1.9 million was made with bidding tight, down to $1000 increments from the $2.27 million to $2.28 million mark.
The young couple, who secured the home, made a final bid of $2000, which sealed the deal.