Auctioneer Edward Riley calls bids on a North Sydney home that sold for millions more than the previous price paid by the vendor. Picture: Jeremy Piper
Sydney auctions have continued to attract big spending buyers and a variety of homes sold under the hammer for huge prices – in some cases millions more than they traded for only a few years ago.
One of the standout sales was the $3,925,000 paid for a Victorian-style home in North Sydney. The price for the Riley St home was about $3.37m above the $550,000 price the vendor paid in 1995.
It was also $225,000 above the reserve. It is now one of the highest prices paid in the suburb for a non-waterfront four-bedroom house.
Another highlight was the sale of a four-bedroom house in Sutherland Shire suburb Menai for $2.15m – an incredible $637,500 more than the price it had last sold for only a year ago.
The previous price paid in December 2024 was $1,512,500.
13 Tupelo Grove, Menai sold for about $637k more than the price paid in 2024.
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This year’s price was $100,000 over reserve and there were six bidders registered for the Menai auction.
In Castle Hill, a four-bedroom house sold under the hammer for $3.2m – $1.18m above the price the vendors paid in 2020.
Daniella Rundle of Richardson and Wrench, the selling agent for the North Sydney home, said the impressive price gain had delighted the seller.
“The vendor was very happy. It was a fantastic result that blew away our expectations,” she said.
Auctioneer Edward Riley said the 1890s-era home was “hotly contested” and bidders freely exchanged offers without much hesitation.
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1 Bendtree Way, Castle Hill sold for about $1.1m more than the 2020 price.
“It was a sensational result,” Mr Riley said, noting that most other sales were not delivering quite as a strong a result.
He explained that beneath the veneer of some of the cracker sales there appeared to be a change in the wind, with the market beginning to moderate as the year closed out.
“Most auctions I am attending are a grind. They are hard work,” he said.
“We are no longer getting the rhetoric of another rate cut. Given the inflation trend, all of a sudden that potential rate cut has turned into rates being kept on hold, or even rising.
“Any hype from buyers about another rate cut is dissipating. The FOMO has petered out. There are more buyers happy to sit and wait.”
Mr Riley added that sellers’ expectations had often failed to catch up with the changing buyer sentiment.
The auction for a home on Riley St in North Sydney became ultra competitive. Picture: Jeremy Piper
“Buyers are flaky. One moment they are hot on something, 24 hours later, completely cold. But some sellers are still lofty with their expectations.
“I’d say sellers are about three months behind buyers, coming to the realisation the market has shifted.
“It’s still a good market, it’s just winding down. Buyers are drained. Vendors are drained. Everyone is ready to take a breather. We may have some levelling out in prices next year.”
Ms Rundle said it was not unusual for the market to start winding down ahead of Christmas, but added that a lot of new housing stock would be coming onto the market in late January and early February.
INCREDIBLE RISE IN ONE YEAR
A four-bedroom house in Sutherland Shire suburb Menai sold for $2.15m – an incredible $637,500 more than the price it had last sold for only a year ago.
The previous price paid in December 2024 was $1,512,500. The home on Tupelo Grove was given a cosmetic renovation.
This year’s price was $100,000 over reserve and there were six bidders registered for the auction.
The Menai home.
Selling agent Chris Lechowicz of Ray White-Sutherland Shire said Sydney’s south remained a seller’s market and there was still considerable buyer interest.
He said he was unsure why the Shire market was a lot stronger than many other parts of the city, but speculated that buyers may be retreating from pricier areas to more affordable pockets like the south.
CASTLE HILL’S ‘ASTRONOMICAL’ GROWTH
A four-bedroom Castle Hill house sold under the hammer for $3.2m – $1.18m above the price the vendors paid in 2020.
Auctioneer Stu Benson of Benson Auctions calls bids on a Castle Hill home that sold for over $3.2m.
The lofty price for the Bendtree Way home was the result of the two registered bidders getting locked into a bidding war.
Auctioneer Stu Benson said there had been “astronomical” growth in the area over the past five years.
RUNDOWN FIBRO SOLD FOR $2M
A dated fibro house in Padstow has changed hands at auction for $2.035m, $135,000 over reserve, and will likely get bulldozed to make way for a duplex.
The property on Sphinx Ave attracted a crowd of about 50 people, including 12 registered bidders, who stood in the scorching 40 degree heat to watch the auction.
19 Sphinx Avenue, Padstow sold for more than $2m.
The home, listed with Lush Pillay of LJ Hooker-Padstow, was up for sale for the first time in nearly 30 years.
Auctioneer Andrew Cooley said the rundown property was popular because of the development potential of the 663sqm block.
Ray White head of auctions NSW David McMahon said buyer demand was moderating but those who were still actively looking were committed.
He said there was “less buyers” at open homes “but the ones that are attending are qualified and ready to buy”.
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