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A tightly held family home in North Epping has fetched a boom-time price thanks to two determined buyers who bid for it neck and neck at auction.
The original three-bedroom house at 22 Bailey Crescent sold for $2,235,000 – well above the reserve of $1.85 million and the suburb’s median house price, which hit $2,137,500 in the year to June on Domain data.
The house at 22 Bailey Crescent, North Epping, which sold at auction for $2,235,000.Credit:Rhett Wyman
The house sold to a young local family looking to build their dream home. They were among six registered bidders for the home, which was originally built by the owner, who bought the land for £825 in 1957.
Half of the bidders placed bets, but only after the auctioneer made numerous calls for an opening offer.
Bidding eventually began at $1.75 million, and most of the 60 bids were made by two parties – both local families who were looking to upsize and build their dream home.
Selling agent Betty Ockerlander, of McGrath Epping, said the home was highly sought after because of its block size, location and the school catchments it fell in.
The under-bidders at 22 Bailey Crescent, North Epping were accompanied by a set of parents who encouraged the bidding.Credit:Rhett Wyman
“That’s a standout,” Ockerlander said. “That’s what we were getting for blocks at the peak in December.
“It’s such a good street, such a good block, and [the price was driven up by] two people who really wanted it – two people who have lived in North Epping and know the value.”
It was one of 585 Sydney homes scheduled to go under the hammer on Saturday. By evening, Domain Group recorded a preliminary clearance rate of 61.9 per cent from 383 reported results, while 105 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Agents reported mixed reactions to the Reserve Bank’s decision to lift the cash rate on Tuesday, for the fifth consecutive month, to 2.35 per cent. Price-sensitive buyers were factoring higher mortgage repayments into their budgets, while others were unfazed by it.
The successful bidder, who was bidding on behalf of her brother. Credit:Rhett Wyman
In Marrickville, a young family upsizing from Dulwich Hill bought a four-bedroom federation home at 25 School Parade for $3.26 million, some $260,000 above the reserve.
Three of the four registered bidders took part in the auction, which opened at $2.5 million – well below the $2.75 million price guide – and only after some encouragement from agents.
But once bidding began, another fierce two-buyer race pushed the price above the suburb’s median of $1.97 million, as well as the property’s $3 million reserve.
Selling agent Adrian Tsavalas of Adrian William was surprised by the result.
“The end price was more than both the vendors and ourselves were expecting,” Tsavalas said. “It came down to two buyers who really wanted it.
“Different price points are behaving differently. We’re finding that first home buyers over the past week have become far more reserved. But for buyers in this category [of long-term family homes], the initial shock is behind us.
“If properties have a price guide based on what they could have sold for a year ago, then they get left behind on the market.”
The home last sold for $458,000 in 2000, records show.
In Earlwood, first home buyers bought a two-bedroom townhouse at 17/19-25 Flinders Road that they had inspected for the very first time that day.
The couple dropped $1.04 million on the property, which was guided at $900,000, outbidding seven other registered bidders. The reserve was $1 million.
Ray White Earlwood’s Dean Vasil said while he had not seen last-minute buyers turn up at auction for some time, the market was still price sensitive because rates were on the rise.
“Buyers are price sensitive, but transactions are still happening,” Vasil said. “The clearance rate will increase because vendors have adjusted the price and they’ve come to terms with the fact that the market has pulled back.”
The home last traded for $906,000 in 2017, records show.
Another family picked up a North Ryde property to rebuild their dream home on for $1.8 million – bang on the reserve.
Seven parties registered to bid on the three-bedroom house at 4 Marilyn Street, which was guided at $1.75 million.
Three buyers participated in the auction, which began at $1.6 million and rose in varying increments.
Cooley’s auctioneer Michael Garofolo said buyers were seeing value in the adjusted price expectations of sellers.
“It’s a good buy,” he said. “If you wound the clock back, six months ago you would have paid $2 million for a block like that. It was targeted at young families that wanted to build their home.
“The market turned up today, and they said we’re seeing value at this level.”
The home sold through James Sarzano of Stone Real Estate North Ryde.
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