Happy bidders at auction on Saturday afternoon.
After long-weekends and election interruptions, buyers roared back to auctions spurred by rate-cut hopes ahead of the Reserve Bank meeting.
A fiery auction in Alexandria saw a vendor walk away with a $1.6m windfall in just ten years.
A freestanding terrace at 30 Phillips St has sold for a whopping $3.371m, almost doubling in value since it last sold in March 2015.
The home sold well above the $2.6m price guide, due to heated bidding from five of the nine registered bidders.
MORE: Major money trap Aussies fall for
Damien Cooley calls the final bid at $3.371m.
Almost 100 people crowded the tree-lined inner Sydney street, to watch the drama unfold.
All bidders were local couples and families, some upgrading others downsizing.
Lead agent Brad Gillespie from The Agency said the home ticked every box for families.
The four-bedroom modern terrace had high ceilings, a lock up garage and larger bedrooms than an older Victorian terrace would, he added.
“I think rate cuts are motivating buyers and they’re already factoring (a rate cut) in,” Mr Gillespie said.
MORE: Suburbs where homes are selling for huge discounts
Ex-Swans coach enjoys $4m+ win post-AFL exit
Damien Cooley smoothly runs the heated auction. Picture: Jeremy Piper
The bidding opened strong at $2.85m, other bidders jumping in with urgency promptly after.
Cooleys auctioneer Damien Cooley said it was an auction with “everything in it.”
“It had so many ebbs and flows, it was fast then it was slow … I like a fast auction, but what I also like is a stage in the auction when I give people a moment to gather their thoughts.”
Smoothly conducted by Mr Cooley, there were moments when bidders almost conceded but threw their hat back in the ring.
The home at 30 Phillips St.
Inside the home.
The underbidder, a young local Mum lost out by just a $1,000 bid in the end.
Following the Phillips St auction, Mr Gillespie and Mr Cooley held another fierce auction, selling a two-bedroom apartment for $1.3955m.
Selling almost $100,000 over reserve, the two-bedroom unit at 10/138 Botany Rd had ten registered bidders, six of them actively bidding.
“Alexandria has been popular for a long time now, but I do feel because of the Waterloo metro, its so easy to get into the city, it is bringing more people to the area,” Mr Gillespie said.
Mr Cooley said that talks of interest rate cuts was “encouraging for buyers.”
Two bed, two bath, one car unit sells for $1.3955m on Botany Rd in Alexandria.
10/138 Botany Rd Alexandria.
“Its also encouraging for vendors to put their property on the market … today I’m walking away with a buoyant feeling that things are going to improve,” Mr Cooley said.
Proptrack places Alexandria’s median at $2.1m for a house and $935,000 for an apartment.
SHABBY TO CHIC
In southwest Sydney a run-down Revesby property has sold for $1.535m, $335,000 above its reserve.
The fiery auction attracted 18 registered bidders, all of which had a bid.
The price guide was set at $1.1m and the reserve was $1.2m.
Ray White Revesby agent Abir Eddine said the auction was “amazing.”
“There’s a shortage of houses in the area,” she said. “There’s a lot of duplexes but not many houses to live in and this was in prime location, double brick and close to the station.
Revesby sells $335,000 above reserve.
Dated interiors.
“It does need about $150,000-$200,000 in renovations though.”
The home was in “original condition,” and hadn’t been updated since 1960, she added.
Ms Eddine said there was more desperation from homeseekers due to rate cuts.
“(There are) fears from buyers that they don’t want to be pushed out of the market when the rates drop because prices will rise,” she said.
“The last two weeks it’s really pumping in terms of buyers especially because they know that the Reserve Bank is going to meet.”
A DOON-DEAL
A Doonside home has sold for $1.375m, $185,000 above reserve.
Sitting on a 917 sqm block, the home at 44 Graham St had a whopping 24 registered bidders, with families, developers and investors all looking to purchase with a family from Blacktown coming out on top.
“It was a very lovely well decorated home, close to the shops and station, that location is very important to buyers,” lead agent Sam Yazdi from Ray White Quakers Hill said.
MORE: Insane demands of mega wealthy exposed by staff
English (US) · 