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Strathfield family home sold under the hammer for $1 million above reserve price. Picture: Devine Real Estate/realestate.com.au
HOMES selling above their reserve price in the current market isn’t shocking. But this particular result is.
A seven-bedroom home in Strathfield, in Sydney’s inner west, sold at auction on Saturday for $4.5 million — a whopping $1 million more than its reserve.
25 Newtown Road Strathfield sold for a whopping $1 million above its reserve. Picture: Devine Real Estate/realestate.com.auSource:Supplied
That’s the value of this two-bedroom beachside apartment in Dee Why which sold for $1 million on Sunday.
34/4-16 Kingsway Dee Why sold for $1 million, the amount Newtown Road sold for above its reserve. Picture: Belle Property/realestate.com.auSource:Supplied
Or the cost of this brand new three-bedroom bayside house in Melbourne’s Williamstown which also sold for $1 million on Saturday.
79 Aitken Street Williamstown also sold for $1 million over the weekend. Picture: Greg Hocking Elly Partners/realestate.com.auSource:Supplied
Selling agent Greg Emerton of Devine Real Estate Strathfield told news.com.au that it far exceeded expectations, with the set reserve price expected to be optimistic.
“Most indications prior to the auction pointed to around the low three millions,” Mr Emerton said.
Eight registered bidders began the auction but it came down to two buyers in the end, who really battled it out from the last $700,000 to $800,000.
The owner of the seven-bedroom Strathfield home was reduced to tears by the auction result. Picture: Devine Real Estate/realestate.com.auSource:Supplied
The vendor, who was selling to downsize after living in the property for four decades, was, understandably, overcome with emotion.
“There were definitely tears flowing,” Mr Emerton told news.com.au.
But Mr Emerton believes the new owners are planning on knocking the brick family home down to rebuild.
Last week, Sydney recorded an auction clearance rate of 83.9 per cent, according to CoreLogic preliminary auction figures, up from 77.8 per cent the week before.
Mr Emerton said the Strathfield market in particular has been recording “sensational results” of late — a trend he expects to continue well into 2017.
“The last couple of months have seen auctions exceed expectations, often selling for $200,000 to $300,000 over reserve,” he told news.com.au.