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House hunters and property market watchers were out in force at the auction of a Chatswood house on Saturday, which sold under the hammer for $3.53 million.
Eleven registered bidders and a large crowd gathered for the auction of 19 Beaconsfield Road; a four-bedroom house inspected by more than 150 groups in the lead up to the auction.
A Chatswood home sold for $3.53 million on Saturday.Credit:Belle Property
Upsizing families went head-to-head for the 758-square-metre block. The bidding began at $2.7 million, below the $2.9 million price guide, and rose in $50,000 increment to start, then quickly fell to $25,000 and $10,000 increases.
Six bidders took part before the fall of the gavel and the house was sold to a family upsizing from an apartment in Wolli Creek.
The house sold for $80,000 above the $3.45 million written reserve but the downsizing vendors had been prepared to sell for $3.2 million, said Patrick Lang of Belle Property Lane Cove.
Records show the home last sold for $505,000 in 1998 and it had been extended since.
Lang said A-grade homes were still seeing good demand, particularly those that suited upsizing families, who were taking advantage of the cooler market.
“The value of their apartments have come back a bit but the houses have come back even more, which makes it easier to upsize,” he said.
However, buyers were still being cautious and were bidding in smaller increments.
“Instead of there being a fear of missing out, it’s now a fear of overpaying,” he said.
The large turnout at the auction showed that many people were closely watching the market, Lang added, and there was now more buyer interest per property due to low stock levels.
The home was one of 612 Sydney properties scheduled for auction on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 63.5 per cent from 392 reported results, while 98 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Enmore, an iconic corner terrace with a rainbow facade and a mural of a Freddie Mercury on its side, sold shortly after auction for $2 million.
Three buyers registered to bid on the colourful three-bedroom terrace at 73 Liberty Street, which was painted rainbow five years ago, in the lead up to the same-sex marriage plebiscite.
The auction opened with an offer of $1.7 million, below the $1.8 million price guide, and two of the parties bid, pushing the price to $1.9 million, where it stalled. Negotiations ensued and the highest bidder increased their offer to $1.95 million, at which the home was passed in.
However, post-auction they increased their offer a further $50,000 to meet the reserve, and the property sold.
The 158-square-metre block traded through Chris Akkawi of Urban Lane and records show it last sold for $670,000 in 2008.
In Centennial Park, a two-bedroom apartment left to a charity sold for $790,000, topping the reserve price by $60,000.
Three first home buyers competed for the deceased estate at 62/77-83 Cook Road. The bidding started at $650,000 and mostly climbed in $10,000 and $5000 increases.
It sold to a local buyer through Chris Cantarella, of The Agency Eastern Suburbs, and all proceeds will go to The Salvation Army.
Cantarella had been expecting five bidders but two dropped off at the last minute. An increasing occurrence in the cooler market. She said there was still enough competition for it to sell for a good price.
In nearby Darlinghurst, a five-bedroom terrace split into two separate residences passed in on a vendor bid of $3,750,000, despite two registered bidders — one of whom only saw the property at 75 Womerah Avenue for the first time on Friday.
Romany Brooks, of BresicWhitney Darlinghurst, was negotiating with interested parties post-auction and expected the unique terrace on a 323-square-metre block to sell in the coming days.
The previously derelict home last sold for $1,782,000 in 2011 and was transformed by the architect owners.
On the northern beaches, a four-bedroom house at 14 Horning Parade, Manly Vale sold for $2.66 million, $160,000 above the reserve.
An offer of $2.2 million kicked off the auction and five of the six registered bidders competed on the 620-square-metre block, pushing the price well above the $2.4 million price guide and $2.5 million reserve price.
The deceased estate sold through Gavin Daly, of McGrath Manly, to a family upsizing from Acacia Gardens.
In Smithfield, an unlivable house with extensive termite damage, owned by the department of housing, sold for $772,000.
Internal inspections of 7 Reserve Street were not permitted due to the state of the property, which was fenced off, and the auction had to be held on the kerbside.
Ten buyers, mostly builders, registered to bid on the 556-square-metre block. Bidding opened at $700,000 and four parties made offers on the home, which was called on the market at $760,000.
The block sold through Karen Beebar of LJ Hooker Greystanes to a local buyer who plans to build a new home on the site. Records show it was purchased by the department for $71,150 in 1985.
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