While uncertainty around rising interest rates and overseas conflict continues across Sydney’s market – even some of the most unexpected properties have defied market conditions.
A number of auctions have recently been withdrawn or passed in, as many buyers and vendors wait for clearer signals.
Sydney last weekend recorded its weakest weekend auction clearance since December 2018 at 31.5 per cent, according to finance writer Tarric Brooker and SQM Research director Louis Christopher said clearance rate figures for April are on track to be the lowest results recorded since 2020.
But scheduled auctions jumped to 898 this week in Sydney, up 175 per cent year-on-year, according to realestate.com.au, and certain hotspots of sales today spotlight some resilient demand.
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An auction at 510 Barrenjoey Rd sold above reserve on Saturday. Photo Jeremy Piper
A dilapidated home at 36 Cowells Lane, Ermington sold on Saturday morning for $1.59m in a heated competition, clearing its $1.1m guiding price and $1.3m reserve.
The home, a deceased estate, had sat idle for six years with boarded windows and the four registered bidders could not step inside.
It was one of the most viewed properties in NSW on realestate.com.au going to auction this weekend, with opportunity described on the listing to build your own home or redevelop, subject to council approval.
An opening bid of $900,000 started the competition between two onsite bidders and a phone bidder, who was the eventual buyer.
36 Cowells Lane, Ermington, a deceased estate that has sat idle for around six years sold for $1.59m
The buyer was a phone bidder and investor
There were $50,000 rises to start and a late registration in the midst of the competition, although no offers placed by this bidder.
Lighter $1,000 and $5,000 bids came toward the latter end, that eventually led to its final result.
“If you look at the property itself, you can’t even get into the door because it’s locked up,” Auctioneer Charlie Powell of Apollo Auctions said.
“We had four registrations which shows there is still some good competition in the marketplace.
“I find that interesting with interest rates and current world events.”
Mr Powell said despite lower clearance rates – “if it’s priced correctly the market will respond.”
Beneficiary of the property Catherine Hourihan, who grew up at the home from the age of five, said there were lots of happy memories there.
“We had many soccer and cricket games on the lawn, as we got older there were a few parties as well,” she said.
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Beneficiary Catherine Hourihan grew up at the home from the age of five
“Out the back, my mother built a really cute garden, we had some lovely gatherings and BBQs.”
Ms Hourihan said it has been “a long drawn out process” to sell after her mother passed away.
“We’ve finally arrived so it’s a really good day for us,” she said.
“It’s ready to be knocked down and be a clean slate – I hope whoever inherits it does something wonderful.” Lead agent Rosalie Gordon principal of Planet Properties Croydon said the phone bidder was an investor looking to build a house. “He’s coming over here because it’s a better area and better location,” she said.
Ms Gordon said the power lines above the property were an “encumbrance” on the land.
“We were really sceptical about what people would pay for it,” she said.
“We had to be very keen to get people here so that we could get the best result for our beneficiaries and trustee.”
Auctioneer Jake Downs of Auctionworks sold 510 Barrenjoey Road for $8.95m. Photo Jeremy Piper
510 Barrenjoey Road, Avalon Beach
In Sydney’s Northern Beaches region, an oceanfront four-bedroom house at 510 Barrenjoey Road sold under the hammer for $8.95m, clearing its $8.5m reserve.
The Avalon Beach home sold via Jake Downs of Auctionworks.
Lead agent Lachlan Elder principal of LJ Hooker Mona Vale said it was a strong competition.
“It was a strong result in a turbulent market,” Mr Elder said.
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39 Mimosa Road, Turramurra
In Turramurra, a five-bedroom house at 39 Mimosa Road sold under the hammer for $4.4m, clearing its reserve of $4.27m.
There were six registered bidders, three active.
According to lead agent Liana Powers of Ray White Upper North Shore there was some hesitation from buyers, perhaps more cautious to start.
“It was the longest start of an auction I’ve ever had,” Ms Powers said.
“But once bidding started it was a hot competition.”
133 Sutherland Street, Paddington
In the Inner East, a two-bedroom at 133 Sutherland Street, Paddington sold for $2.36m.
There were 10 registered bidders with an opening bid of $1.9m, just below the $2m guiding price.
The house was sold by auctioneer Damien Cooley of Cooley and agents Jack Taylor and Finn Ruwald of Bresic Whitney.
“It sold circa $100,000 above its reserve,” Mr Taylor said. “It was a great auction.”
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