Sweet treats for sellers
HOME sellers are being rewarded with prices well above reserve as low listing volumes funnel large groups of buyers into contention for the same properties.
Only 440 homes went under the hammer yesterday — about a fifth less than over the same weekend last year and well below the longterm trend for sales volumes at this time of the year. The conditions encouraged particularly aggressive bidding in the inner west, where a two-bedroom house on Roberts St in Camperdown sold under the hammer for $1,667,000.
The price was $217,000 over the reserve and about $450,000 above the original price guide, which was increased prior to the auction due to unexpectedly high interest from buyers, according to selling agent Nicholas Viewey.
The Viewey Real Estate principal showed more than 150 groups of keen buyers through the home in the lead-up to the auction and issued 40 contracts of sale. Buyer turnout at the open for inspections was so high it encouraged a group of neighbourhood kids to set up a lemonade and cake stand at the auction, complete with a wooden cash register. The $3 treats on offer included home-baked brownies and muffins.
The parents of children Scarlett Ryan, 5, Charlee Potter, 9, and Reghan Potter, 5, joked that the money would be going into a fund for the children so they could save home deposits.
There were plenty of potential customers at the auction, including 13 registered bidders and a crowd of about 70 onlookers straddled on both sides of the street.
Auctioneer Ricky Briggs received an opening bid of $1.4 million and the offers quickly surpassed $1.6 million as eight of the registered buyers threw their hands up to bid.
The eventual buyers were a couple who had been unlucky bidders at five previous auctions. Their final offer of $1.667 million was met with cheers from the crowd and a free cup of lemonade.
Buyer Jaye O’Dwyer said it was a relief to finally end their property search. “We had been living overseas and then with my mother-inlaw for a year so it was time for us to buy,” he said, adding that they had originally been seeking out homes on the lower north shore but decided to scale down their budget and change to the inner west. “(The price) was still way more than we expected,” Mr O’Dwyer said.
In Lilyfield, a two-bedroom house sold for $1.301 million, roughly $100,000 above the price guide, in tragic circumstances.
Both owners of the property at 178 Lilyfield Rd passed away during the marketing campaign. Their deaths occurred within two days of each other.
Auctioneer Damien Cooley received an opening bid of $1 million and there were 50 bids placed from 11 registered bidders.
Scarlett Ryan, Charlee and Reghan Potter and (below) Jaye O’Dwyer and mother-in-law Lisa at the Roberts St house. Picture: David Swift