By Kate Burke
A three-bedroom Paddington terrace sold for $3.75 million at a heated auction on Saturday that was brought forward by a week due to strong buyer demand.
The sale of the Victorian terrace at 11 Olive Street ended three years of house hunting for the relieved buyers, who had missed out on multiple properties in the area.
They were among eight parties who registered to bid on the 142-square-metre investment property, which records show last traded for $580,000 in 1996.
The eventual buyers, who are renting locally, opened the auction with a bid of $3.3 million. Bidding jumped to $3.4 million, then $3.5 million, before climbing in $50,000 and $25,000 increments as four parties – including two investors from the north shore – competed.
The winning bid was $250,000 above the $3.5 million reserve.
Winning bidder Alana Coles, centre, is congratulated after the fall of the hammer.Credit: Dylan Coker
It was a relief for buyer Alana Coles who feared her family stood no chance.
“We kind of came in thinking we were going to lose,” she said. “[We’ve been looking] for about three years now, and obviously COVID hit, and we were a little bit unsure about the market.
“We’ve been [seriously] looking for probably 18 months, but three years in total.”
Ray White Centennial Park’s Dean Jarman was pleased to see the family win, as they had been underbidders at a couple of his other auctions.
“We’re very happy for both our vendor and purchasers; it was a great result all round,” he said.
The auction for 11 Olive Street was brought forward a week. Credit: Dylan Coker
Jarman said the home was move-in ready, but had scope for improvement. Its good bones, parking and courtyard made it popular in a market where buyers have few properties to choose from.
Jarman said the campaign started about two weeks ago and listed with an initial guide of $3.2 million. However, buyer feedback had reached the mid-$3-million range before auction day.
The terrace was one of 363 Sydney homes scheduled for auction on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 56.3 per cent from 231 reported results, while 61 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Marrickville, seven first home buyers turned out to compete for a two-bedroom apartment, which was eligible for a stamp duty concession under changes to the First Home Buyers Assistance Scheme which came into effect on Saturday.
Bidding for 9/32 Hill Street began at the $800,000 price guide and lifted in $25,000 increments, before it slowed to $10,000 and $5000 jumps.
“You could tell they were trying to hold back ... but at the end it started to ramp up a bit,” said Adrian William selling agent William Pereira, of the four active bidders.
The 97-square-metre apartment sold for $955,000 to an eastern suburbs couple. The reserve was $900,000 and the property last traded for $457,000 in 2012.
At that price, first home buyers could save almost $7000 on stamp duty if they qualified for a concession, leaving them to pay about $30,800.
Under the changes, properties worth up to $1 million are eligible for a concession from July 1, up from $800,000; while homes worth up to $800,000 are eligible for an exemption, up from $650,000.
In Ashfield, competition between five bidders pushed the price of a five-bedroom house $405,000 above the reserve.
An investor and five families registered to bid on 18 Service Avenue, a deceased estate which last changed hands in 1989, when it sold for $275,000.
The auction opened at $2.1 million and bidding soon surpassed the $2.2 million price guide and reserve, as all bar one of the parties made offers.
A local family made the winning bid of $2,605,000 for the 502-square-metre block.
The Agency Inner West’s Shad Hassen said the result for the home, which needed some work, was above his expectations. The result reflected the home’s good location and potential, but the lack of homes for sale was also a factor.
“There’s not enough homes to satisfy buyer demand, so we’re seeing strength coming from that,” he said.
In Concord, a six-bedroom house at 17 Coles Street almost sold to a local family who first inspected the property only 15 minutes before auction.
They were among six registered bidders, three of whom were active.
Bidding began at $2.4 million, and 15 bids pushed the price to $2,925,000, topping the $2.7 million reserve.
The last-minute buyers were in the contest till the end but ultimately lost to another local family bidding over the phone from a ski trip.
Selling agent Ben Horward of Horward Nolan said it was an exceptional result, and well above a pre-auction offer in the mid-$2-million range that the owners came close to accepting. The home had an initial price guide of $2.3 million.
In Belfield, it was a two-person race for a five-bedroom house with a pool and an alfresco entertaining area, complete with an outdoor kitchen and fire place.
Two families competed for 77 Seymour Parade, while a third registered bidder watched on. Bidding opened at $2.4 million – below the $2.45 million price guide – and climbed in $50,000 bids to start.
The increments dropped to $1000 raises before the gavel fell at $3,026,000 – $126,000 more than the reserve. A young family from Hurstville area made the winning bid.
The home, built in 2017, was sold by Hudson McHugh’s Peter Vassilis. Records show the 575-square-metre block last traded for $467,000 in 2006.
“I think the buyers bid to that level because there is nothing else on the market like this kind of home,” Vassilis said.
With Dylan Coker