By Kate Burke
An Earlwood house sold for $2,275,000 at a tightly contested auction on Saturday that drew house hunters from across the city.
A dozen buyers from across the inner west, eastern suburbs and north shore descended on 57 Main Street, a three-bedroom house on the market for the first time in more than 30 years.
But it was a local family who walked away with the keys, after making a last-minute bid for the property that shocked the crowd of more than 70 people.
Despite the strong buyer interest, the bidding was slow to start when auctioneer Clarence White, of Menck White Auctioneers called for an opening offer on the home, which had a price guide of $1.8 million.
“So many regos, so much silence,” he said, before receiving a bid of $1.7 million.
Once it began, bidding was quick to climb, rising in $25,000 jumps and then smaller increments. By the time bidding reached $2.1 million, just two of the eight active bidders remained – a local upgrading family and downsizers.
The auction for 57 Main Street Earlwood got off to a slow start, but ended with a bang.Credit: Peter Rae
The property looked set to sell to the downsizers for $2,265,000 – the price was called three times – before the family, who previously declared they were done, shouted “10 more”, prompting a mix of shock and laughter from the crowd.
Their winning bid was $375,000 above the $1.9 million reserve price.
Selling agent Adrian Tsavalas, of Adrian William, said the result for the 417-square-metre block was well above expectations but still offered good value compared to neighbouring suburbs.
“It’s a really good quality home, it’s in a great pocket which offers great value. Had the home been in Marrickville or Dulwich Hill it would have sold for between $2.5 million to $2.75 million,” he said.
Auctioneer Clarence White prepares to sell the property.Credit: Peter Rae
The final two bidders both stretched themselves – willing to go above their initial limits to try to secure a quality home in a market with limited supply, he said.
The lack of stock contributed to the wide cross-section of buyers interested in the home, Tsavalas said, but so too did the growing popularity of Earlwood.
Records show the home last sold for $150,000 in 1990.
It was one of 467 Sydney properties scheduled for auction on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 73.6 per cent from 292 reported results, while 56 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
On the north shore, a five-bedroom house with harbour view in Kirribilli sold for $6 million.
Five buyers registered to bid on the original-condition home at 29 Peel Street, which was on the market for the first time in more than 60 years.
The bidding began at $4.45 million — well below the $5.75 million price guide — and rose in $50,000 jumps to $5.45 million as two parties competed. The eventual buyers, a family from the northern suburbs, then joined and raised the bidding by $300,000 in an attempted knock-out bid.
It did not work but they still walked away with the keys after the price climbed a further $250,000.
The 537-square-metre block sold through Di Jones Neutral Bay’s Nigel Mukhi. He declined to disclose the reserve, but said the sale price was extremely close to it.
He said the new owners, and the other interested parties, planned to renovate the property to turn it into a beautiful family home.
In Artarmon, a three-bedroom house owned by Willoughby City Council sold for $2.8 million less than a year after a previous auction sale fell through.
The house at 9 Parkes Road drew a mix of buyers, thanks to is 518-square-metre corner block with medium density zoning.
The bidding started at $2.2 million, and three of the seven registered bidders made offers. The home had been guided at $2.3 million to $2.5 million.
Forsyth Real Estate’s Tony Bellia said the home previously fetched $2.6 million at an auction late last year, but the buyer failed to settle. The increased price since, reflected the shift in the market.
He declined to disclose the reserve price.
Records show the property was purchased by the council in 1995.
In Leichhardt, young couples and families competed for a two-bedroom semi-detached home with no parking which sold for $1.8 million.
The home at 16 Kegworth Street was on a 347-square-metre block and had a price guide of $1.55 million. It was a deceased estate which had been held in the one family for about 65 years.
The auction opened with an offer of $1.5 million, and soon passed the $1.75 million reserve, as four buyers made offers. There were nine registered bidders in total.
The home sold through The Agency Inner West’s Luke Bellero to a young family upsizing from another inner west home.
In Greystanes, a first home buyer couple outbid developers, downsizers and upsizers for a three-bedroom house, which they only looked at on Friday night.
They were among 18 buyers who registered to bid on 53 Gerald Street, a 556-square-metre block with development potential.
Auctioneer Michael Garofolo took 70 bids from the nine active buyers, who pushed the price from an opening offer of $900,000 to the sale price of $1,201,000. Buyers were trading $500 bids towards the end of the auction. The result was $151,000 above the reserve.
The home sold through Blaze Real Estate’s Blaz Dejanovic. The vendor and his father, who also recently sold, were relocating to a family home in Haberfield.
Records show the house last traded for $365,000 in 2006.