Sydney auctions: buyers paying more for renovated homes

Renovated properties are commanding higher prices, according to some real estate agents, but dated homes are still in high demand.

In Sydney’s west, a dated Granville home has sold under the hammer for $1.258m, $308,000 above its reserve.

The bog standard home at 18 Randolph St had a whopping 18 registered bidders with six active.

Listing agent Soon Tee from LJ Hooker Granville said the property was so popular due its 15m wide frontage and duplex site potential.

“There are still more buyers than properties and that is driving prices up, especially in this area where prices are mid range.”

The property sold to an investor who was considering what to do with the property long term.

The home at 18 Randolph St sold more than $300,000 above reserve after having 18 registered bidders.

The property had great development potential.

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In The Hills District, a crowd gathered in the backyard of Baulkham Hills home to watch it sell for $2.116m, $166,000 above its reserve.

Popular with local first home buyers and upsizers, the residence at 10 Arthur St had nine registered bidders with four active.

Listing agent Brandon Hay from Ray White said the home sold to first home buyers who were renting in an apartment down the road.

“There’s more demand for homes that have been renovated than those that need work. This one has been fully renovated and has good access to local public transport,” he said.

10 Arthur Street, Baulkham Hills.

The Baulkham Hills home was a contemporary ready to live in home.

Mr Hay said he felt more buyers were coming to market this year with open home numbers increasing.

“Compared to what they were just three or four months ago, it’s doubled and in some cases even tripled,” he said.

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A unit in Eastlakes has sold for $858,000, above its reserve by $58,000.

There were eight registered bidders and four active.

Lead agent Cristian De Nigris said the buyers were a young couple with a child.

Renovated properties were selling better than homes that need work done, according to Mr De Nigris.

18/62 Hillary Crescent, Eastlakes.

“Many of the interested buyers we had coming through the unit were similar – a couple with one or two kids,” Mr De Nigris said.

“We’ve found that anything well renovated is selling well because building costs are still quite high and especially with units because of all the approvals needed.”

“If people find something that is already renovated and done well they are happy to pay more.”

A large Clontarf property has sold for the first time in 40 years for a whopping $9.75m.

The five bedroom home had an impressive pool with views over the exclusive Sandy Bay beachfront.

There were four registered bidders and three active. The buyers were an older couple who had moved to Cremorne and had been trying to buy back in the area for the last four years.

A Clontarf home sold for $9.75m.

8 Sandy Bay Road has stunning views from the swimming pool and balcony of the home.

“The home was built in 1981 and was bought as a block of land and the family built it as their forever home,” he said.

“It’s right on the harbour front of the beautiful low tide beach and has great elevation and privacy.”

A five bedroom Edensor Park property has sold for $1.3m.

Listing agent Darko Horvat from LJ Hooker Edensor Park said the home at 30 Eldershaw Rd sold to a local family looking for a property they could renovate.

30 Eldershaw Road, Edensor Park.

The family wanted an older home they could renovate.

There were six registered bidders and five were active.

The property sold over its $1.25m reserve by $50,000, which Mr Horvat said the reserve had been bumped up from $1.2 due to buyers showing great interest.

“It had great renovation potential and its opposite the park and close to the local primary school and shopping centre,” Mr Horvat said.