Sydney auctions: original condition home sells $400k above reserve

Buyers are benefiting from more choice compared to 12 months ago, with confidence growing with talks of rate drops looming.

There were 815 auctions scheduled in Sydney this week, up 38 per cent year on year.

A Cammeray federation cottage with renovation potential sold under the hammer for $2.61m, $410k above its reserve.

The home at 253 West St had been held in the same family for 70 years, with the owner now 97 years old.

In an emotional sale for the family, The Agency’s Steven Devine said the vendor was “beyond happy, in tears,” as the hammer fell on the final bid.

253 West Street, Cammeray sold under the hammer on Saturday for $2.61m.

MORE: Inner West home sells, couple get $2.5m windfall

There were 16 registered bidders for the three bedroom home, which peaked the interest of buyers due to its near original condition.

“It was a cute single fronted federation cottage which is entry level into the market around here,” Mr Devine said.

“It was tightly held and in a very convenient location walking distance to parks and transport and it was very original having been in the family for over 70 years.”

Mr Devine said the lucky buyers were a young couple with two young children.

“That was typical of most of the bidders who were interested in the property, a couple of young couples who had the help of bank of mum and dad but mainly young families,” he said.

The kitchen inside the Cammeray home was in near original condition, with great renovation potential.

In the Shire, a Como home with a sleek resort style renovation has sold under the hammer for $2.2625m, more than $160k above its reserve.

In a marathon of an auction, auctioneer and director of Avenue Auctions Andrew Cooley said the auction ran for at least 40 minutes.

“It would have been over 100 bids,” he said.

The Como home that sold for $2.2625m.

Inside the modern design of the Como home.

With five registered bidders, the final bidderss went neck and neck from $2.160m in $1000 and $500 increments.

The property at 158 Woronora Cres sold with Sanders agent Greg Calderwood, who also sold the home at auction with Mr Cooley auctioneering 3 years prior for $1.09m.

Mr Cooley said the home had previously been a basic red brick home, having undergone a massive transformation since it last sold.

The home had sold three years prior for $1.09m and since then under gone a massive transformation.

What the home had previously looked like when it last sold at auction.

“Its a really lovely single level corner home, inside was very much like a resort style renovation,” he said.

“Lovely floorboards, in ground pool – it appealed to both upsizers and downsizers.”

Mr Cooley said there was a crowd of around 50 people who attended the auction.

A Surry Hills Victorian home sold for $3.7m under the hammer, $400k above its reserve.

The sought after home had seven registered bidders.

Lead agent Michael Kirk from BreswicWhitney said they knew the property would sell well but didn’t expect it to go as high as it did.

355 Riley Street, Surry Hills.

Victorian style finishes.

“The location on Riley St is very popular, its close to the city and central station,” he said.

“The house itself was very well kept and very rare with garage parking at the rear, and just a beautiful Victorian Terrace.”

The home had previously sold in 2019 for $2.225m in the same condition.

View from the Riley St home.

In the Inner South, an Alexandria unit has sold for $1.198m.

The two bedroom apartment sold well above the previous two-bedder record in the same building, which was $1.07m.

Lead agent Andrew McKinnon from Ray White Surry Hills said it was a great building with a great outdoor area.

“The developer actually owned it. It’s the best apartment in the building and they kept this one apartment for themselves and lived in it for a while,”

“They were stoked with the result.”

305/3 Ralph Street, Alexandria.

The large outdoor space.

In Sydney’s eastern suburbs a garage has sold off market for a whopping $500,000.

The parking space was located on Roslyndale Ave in Woollahra.

The Agency Property Partner Davide Talone said they were highly sought after in Woollahra and can be worth 10 to 12 per cent of the overall value of the home price per space.

“Garages have been offered in the past but with this particular one it has electricity and power to the garage. It is a clever purchase and reflects the automotive industry’s transition to electric,” he said.

The garage sold for $500,000 …

“There was interest from locals because there are homes in Roslyndale Avenue that don’t have parking and it was extremely desirable to have a parking on a separate title within walking distance to their homes.”

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