Homes in Lane Cove, Padstow, Liverpool and Ramsgate Beach go under the hammer in softer market
A three-bedroom detached house on Sydney’s north shore sold at auction on Saturday for $2.39 million, $40,000 above the $2.35 million reserve.
Classic red brick house 78 Burns Bay Road It featured a level front yard and backyard and was being directed at $2.4 million.
Selling agent Jimmy Psaltis of Stone Real Estate Roseville Willoughby said three Lane Cove buyers — all young boomers living in an apartment or townhouse — were vying from start to finish for the keys to the property.
Bidding opened at $2 million and rose to $2.3 million among three bidders in increments of $50,000 and $10,000. Smaller bids of $5000, $2000 and $1000 continued the battle between the three, with each fighting to the end.
“No investors have been interested, but I don’t think there will be investors for this property in any market,” Psaltis said.
He also said that he expected the developers to come, but they did not.
“I think they realized it was too risky to pay to buy a house, tear it down, rebuild it, and then try to make a profit in the current market,” he said.
Auctioneer Edward Riley, of the eponymous institution, said: “Although broader market sentiment remains subdued… smart buyers don’t wait for confidence to return, they act when the opportunity presents itself.”
The seller, who lived and raised his family there for more than 60 years, moved into a nursing home, Psaltis said.
The property was one of 712 scheduled to go up for auction in Sydney last week. As of Saturday evening, Domain Group had recorded a pre-auction approval rate of 52 percent from 428 results reported during the week, while 158 auctions had been withdrawn. Withdrawn auctions are counted as unsold properties when calculating the liquidation rate.
A brand new duplex in Padstow on Saturday 5A Wyreema Boulevard It sold for $10,000 above the auction reserve, or $1.81 million. It had a guide of $1.6 million.
More than 50 people watched as two recorded parties placed bids of $50,000 and $25,000. The buyer was abroad and bidding by phone, while the winner lived in the suburbs.
Selling agent Abir Eddine, of Ray White Revesby, said the market was “going smoothly… We’re not seeing 10 registered bidders as before, but we’re still getting the job done.”
The seller was a builder-developer. According to records, the site address of the duplex was last traded in 2024 for $1,537,000.
A three-bedroom house with swimming pool in Liverpool 84 Mixed Boulevard It was purchased by a neighbor for $1.05 million, down $50,000 from his $1.1 million reserve.
Five bidders registered and three firms participated. Bidding opened at $950,000, and bids of $30,000, $20,000, $10,000 and $5,000 went back and forth until the home sold under the hammer.
Selling agent Fahde Yousif from Elite Sydney Property said the guided range was based on buyer feedback of $925,000 to $950,000.
“Generally speaking, most buyers coming to Liverpool come from the surrounding suburbs,” he said, as the suburb is relatively more affordable.
Seller is downsizing to Camden.
The home last traded for $79,950 in 1988, records show.
A two-bedroom, ground floor unit in Ramsgate Beach. 1/65 Alfred Street It sold for $25,000 over its $925,000 reserve of $900,000.
Priced at $850,000, the home attracted five registered bidders, all of whom were homeowners.
Bidding opened at $800,000, and three people entered: two were first-home buyers who jumped at the opportunity. The buyer was a young couple who were going to renovate the house and move.
Listing agent Trent Tarbey of McGrath Sans Souci said: “Although there has been a slight pullback from investors, there is still sufficient buyer demand from first home buyers which is keeping prices relatively stable in this part of the market.”
Records show the unit was last traded in 2004 for $335,000.
AMP chief economist Dr. Shane Oliver said Domain’s 52 per cent clearance rate for Sydney was “another soft week”.
“I think investors are expecting lower prices because basically the tax change is that the after-tax returns that investors will get are going to be less attractive than before,” he said.
Oliver added: “There may be some first home buyers taking advantage of the weak market, but first home buyer demand is a relatively small part of the property market overall… supporting the property market alone is simply not enough.”
