Sydney auctions: the audacity of a buyer after paying $ 4 million
A home buyer who paid $ 700,000 in reserve for a home in northwest Sydney has made a bold statement after beating 25 other bidders.
Sydney’s spring auction market gained momentum after a prolonged winter sleep due to the lockdown.
Almost 600 properties came under the hammer over the weekend, an increase from previous weeks when there had been an unusually low number of sales for what is normally a busy time of year for auctions.
Much of this was because many potential sellers delayed listing their properties until foreclosure restrictions were relaxed.
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With buyer demand still rampant, this shortage of listings has intensified competition among home hunters, and the 83% liquidation rate for auctions last month was the highest on record in September.
There was a similar success rate for auctions last week, with CoreLogic reporting that almost 82% of auctions resulted in a sale. Preliminary indicators showed a similar success rate for the auctions this week.
Among the biggest sales was a 2 acre property in Kenthurst. He changed hands for the first time in 60 years for $ 4 million – $ 700,000 of the $ 3.2 million reserve.
There were 26 bidders vying for the property on Pitt Town Rd and the auction started at $ 2. 9 million.
Auctioneer Stu Benson, director of Benson Auctions, said the buyer bragged after the auction that in 24 months the property would have the “best house in Kenthurst”.
“The past 18 months have prompted many people to think about their lifestyle choices and where they are going to spend their time,” said Mr. Benson. “The appeal of living in an area, yet being 15 minutes relatively traffic-free from the amenities and inconveniences of Castle Hill and Rouse Hill – each with tube stations – is evident.”
There were four bidders left after the bids surpassed the market by $ 3.7 million – a mix of builders and empty nesters.
In Ryde, a unique house with a “shoebox,” a basketball court, a wine cellar and other luxuries sold for $ 3.325 million.
The buyer of the Pooley St home placed the last four bids at the auction after it was confirmed that the highest bid was below the reserve. The sellers would have abandoned their reserve.
Stone Real Estate-Ryde sales agent Jason Segon said ahead of the auction that $ 3.3 million would be a hefty price tag for the area. The highest price for a four-bedroom home in the area was the $ 3.41 million paid earlier this year. The Pooley St house was one of the top five most popular NSW listings on realestate.com.au this week.
with Aidan Devine
Originally posted as Sydney Auction: A Buyer’s Bold Bragging After Paying $ 4 Million