A home in Sydney’s northwest has sold for a suburb record, smashing the price paid for a home owned by the neighbours – the previous highest price in the area.
The property on Anthony Rd sold for $4.7 million, setting a new record for a house sale in West Ryde.
The auction saw the sellers pcoket a price $300,000 above their $4.4 million reserve.
It has come amid rising auction activity that suggests Sydney is due another round of stellar growth in home prices.
25 Anthony Rd, West Ryde set a new record sale price for the suburb.
Auction clearance rates have been above 70 per cent for weeks, with preliminary figures showing nearly three quarters of auctions last week produced a sale. Historically, this kind of success rate over successive weeks has coincided with widespread price rises.
Pello Northern Suburbs sales agent Michael Dowling said the West Ryde auction was “really competitive” with bidding starting at $3.8 million.
“The previous highest sale in West Ryde was the house next door, and that sold for $4.19 about two years ago,” he said.
“So we knew it was going to be better than that, but I didn’t think it was going to be $510,000 better than that.”
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Inside the West Ryde home.
Mr Dowling said the home sold to a mother and two sons moving from Cheltenham who wanted a more spacious home that was ready to move in to.
“A lot of people in our area want that move-in ready feel, rather than going through the hassle and the inconvenience of dealing with council,” he said. “A lot of people just want that finished product now.”
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Scerri Auctions auctioneer Fadi Hajjar hosts the auctions for 78 Kooringal Ave and 8 King Rd.
Based on results received so far, about 75 per cent of Sydney auctions were successful last week.
Auction clearance rates above 70 per cent have historically correlated with rises in prices across the Sydney market as a whole.
Ray White NSW head of auctions Dave McMahon said the first weekend of August saw a 25 per cent decrease in scheduled auctions from the week prior.
“The notable difference was that only half of them proceeded through the day,” he said.
“With stock levels low, agents have been more open to entertaining offers prior with circa 15-20 per cent selling before auction day.
“Despite lower auction numbers today, we continued to see spirited competition from buyers with an average of 5.8 registered and 3.6 actively bidding.”
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78 Kooringal Ave, Thornlie, which sold over the weekend.
Two auctions hosted by Scerri Auctions auctioneer Fadi Hajjar on Friday were moved inside to Saliba Estate Agents’ offices in order to get bidders out of the rain.
“The decision to move it in-room was brilliant,” Mr Hajjar said. “It created a really warm environment for bidders.”
The homes under the hammer on King Rd, Hornsby and Kooringal Ave, Thornlie sold for prices well over their respective reserves.
8 King Rd, Hornsby, which sold for just shy of $200,000 above reserve.
The property on King Rd sold for $2.095 million, a price $195,000 over reserve, while 78 Kooringal Ave sold for $2.395 million, $295,000 above its reserve.
Mr Hajjar said it was a “hesitant start” to the bidding, before they “heated up very quickly.”
Fifty-six bids were placed for 78 Kooringal Ave and a staggering 117 bids were placed during the auction for 8 King Rd.
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Sellers of a Hassall Grove home, Alex, Brooke and children, with Ray White agents Meshel Bahnam and Andy Yassine. Picture: Ray White
Further out west, a family were reported to be delighted with the sale of their property in Hassall Grove.
No. 33 Monica Ave sold over reserve for a price of $1.015 million, with bidding opening at $800,000.
Sales agent Meshel Bahnam of Ray White United Group said there were 17 registered bidders, the most he has seen in “well over 18 months”.
“People are trying to buy before rates change this month,” she said. “In the end, local first home buyers who have been looking for six months bought the house.
“They are so happy as they keep missing out on auctions,” said Mr Banham.
33 Monica Ave, Hassall Grove.
Mr Banham said it was a suburb record price for a three-bedroom, one-bathroom house on a 454 sqm block.
Sellers Brooke, Alex and their three children were reported to be contemplating a move to Lake Macquarie for a lifestyle change.
50 Ianda Street, Concord West.
Other sales included the auction for 50 Iandra Street, Concord West, which sold to its first bidder, going for a price of $3.51 million.
Horwood Nolan founder and director Ben Horwood said interest was strong in the lead up to the auction.
“We had three registered bidders, all who had shown strong interest throughout the campaign,” he said.
Mr Horwood said the home’s location mostly attracted interest from families.
Auctioneer Damien Cooley calls bids at the auction at 50 Iandra Street, Concord West. Picture: Rohan Kelly.
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