Advertisement
A four-bedroom home sold for $2.78 million in Epping on Saturday, $380,000 over the reserve.
Nineteen groups registered to bid for the solid brick bungalow at 22 Abuklea Road, with 10 bidders active. Bidding opened at $2 million and went up in increments of $100,000 until it reached $2.3 million.
Bids of $50,000 followed, then several bids of $25,000. When it reached $2.75 million, increments dropped to $10,000 and smaller bids until the auctioneer’s hammer fell and the property sold for $2.78 million.
The property had a guide of $2.2 million and a reserve of $2.4 million.
Advertisement
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
The successful bidders were a young couple with a child originally from the area who were attracted by the level backyard. The underbidders were a local family looking to upsize.
Sales agent for The Agency Epping, Catherine Murphy, said the high number of registrations reflected the wide appeal of the single-level property – which had garnered interest from downsizers, upsizers and families – as well as a shift in market confidence.
“People have really decided to get on with it – life goes on,” she said. “The shock of the budget announcements and interest rate rises has abated and people are getting on with their lives.”
Advertisement
The property was one of 521 scheduled to go to auction in Sydney this week, the first weekend of the spring selling market.
In Lavender Bay, a buyer upgrading their city bolthole won the keys to a two-bedroom apartment, paying $1,535,500 at auction, more than $210,000 over the reserve.
Twelve groups registered to bid for 5/7 Waiwera Street, with five active. Bidding opened at $1 million, followed by a single bid of $200,000. More modest increments of $20,000 and $10,000 followed until the offer reached $1.5 million when it slowed to $5000, $1000 and finally $500 bids.
Advertisement
The property had a guide of $1.25 million and a reserve of $1.325 million.
The underbidders were a mix of locals, Queenslanders and one Australian bidder in Germany looking to upgrade.
“A property like this resonates with upper north shorians because of its position down the train line,” sales agent for Raine & Horne Mosman, Adrian Bridges said. “It is proof that good properties will attract competitive bidding and the auction process is still the most transparent process for buyers and vendors.”
You have reached your maximum number of saved items.
Remove items from your saved list to add more.
More:
Robyn Willis is a property reporter and the former lifestyle editor for The Sydney Morning Herald and The Age.AdvertisementAdvertisement