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Sydney auctions: Wahroonga house fetches $2.33 million as buyers turn out in droves

ASSA | 2021-02-01 12:22:20

Sydney’s auction market got off to a flying start on Saturday, with wet weather doing little to dampen strong buyer demand and spirited bidding seeing one property sell for $455,000 above reserve.

A crowd of about 50 gathered in the front yard of 2 Yanilla Avenue, Wahroonga on Saturday morning, with cars parked bumper to bumper down both sides of the street as two dozen parties registered to bid on the four-bedroom house. 

It was one of 251 homes scheduled to go under the hammer in Sydney on Saturday.

By evening, Domain Group recorded a preliminary clearance rate of 79.6 per cent from 206 reported results, while 11 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

Bidding for the family home opened without hesitation at $1.825 million – $25,000 above the price guide from the get go.

The crowd at 2 Yanilla Avenue, Wahroonga watched on as the auction started without much hesitation. Photo: Peter Rae

The price steadily increased thanks to quick-fire bidding from 10 parties who threw their hats in the ring, pushing the price well past the $2 million mark.

But as the rain began to come down again, some walked off while other buyers dropped out, whittling the competition down to a tense two-person bidding war after the price reached $2.245 million.

The home eventually sold for $2.33 million — selling a cool $455,000 above reserve — to a young Chatswood family who were looking to upsize in the same neighbourhood as their best friends.

The winning bidder places his final bid of $2.33 million. Photo: Peter Rae

Ray White Upper North Shore’s David Walker said all registered parties were families looking to upsize from their current properties.

“That’s probably the most popular house price range [in the local area] and there’s only a handful of properties available in that price range,” Mr Walker said, adding that more than 200 groups had inspected the property.

He said the sheer demand for the limited number of properties available was driving up prices.

Auctioneer Jason Keen prepares to sell the home for $2.33 million. Photo: Peter Rae

The 1,005-square-metre block last sold for $965,000 in 2010, records show, with the sale price more than doubling since then.

Wahroonga’s median house price rose 10.2 per cent to $2.005 million last year, new Domain figures reveal.

In North Ryde, a “monster crowd” braved the weather to watch 19 Holt Street go under the hammer, including a dozen registered bidders. 

The auction began at $1.5 million as multiple parties vied for the keys to the four-bedroom house. 

The hammer fell at $1.98 million – selling $80,000 above reserve to a young family who were looking to upsize.

Auctioneer Michael Garofolo of Cooley Auctions said the city’s property market was set to have a strong selling season.

“The market has picked up where it left off in December. It finished off really strong” Mr Garofolo said. “It really will set the tone for the year, barring another setback or another outbreak during the year.”

North Ryde’s median house price rose 10.3 per cent to $1,640,000 in the year to December 2020, according to Domain’s latest house price report.

It sold through Active Real Estate’s Vera Wong.

In Mosman, nine parties registered to bid on a three-bedroom unit at 7/40 Stanton Road.

Bidding started at $1.6 million, rose in big increments and quickly turned into a two-person race.

The unit sold for $1.875 million – $75,000 above its reserve – to a young northern beaches family who were looking to move closer to the city.

LJ Hooker Avnu’s Adrian Bridges said fear of missing out was creeping back in as buyers had observed price growth in the past few months.

“Interest ramped up significantly in the last week of the campaign because buyers weren’t seeing more homes in the market,” Mr Bridges said. “We sold a number of properties in January, which is traditionally a quiet month.”

“This week definitely sets a trend for the rest of the year … we’re expecting a really busy first half of the year.”

The unit last sold for $1.521 million in 2016, records show.

Mosman’s median unit prices dropped 3.3 per cent to $1.04 million in the past year, Domain figures show.

In North Parramatta, 11 buyers, including first-home buyers and investors, registered to bid on a three-bedroom unit at 7/32 Harold Street.

The auction opened at $640,000 with the price increasing in $10,000 jumps as six parties placed bids, before slowing down to $500 increments.

It sold for $725,000 – selling $15,000 above reserve – to a young couple.

McGrath Parramatta principal Kon Stathopoulos said despite an oversupply of apartments, good-quality properties, priced well, were attracting different buyers.

“You’ve got a lot of positive factors that are stimulating the property market,” Mr Stathopoulos said. “The return of suburbia [due to COVID-19] changed the way people live and work.”

The property last sold for $419,950 in 2009, records show. North Parramatta’s median unit price is $550,000.

It was one of more than 30 properties scheduled to go under the hammer with McGrath Parramatta on Saturday, with most selling successfully.

An apartment in North Rocks passed in as neither of the interested first-home buyers had their finance approved in time, according to Mr Stathopoulos.