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6 Beechwood Ave, Greystanes.
A Greystanes couple are packing their bags and heading for Europe after selling their family home of 12 years for $1.6m, about $1m more than what they paid for it.
The four bedroom house at 6 Beechwood Ave, Greystanes had received buyer feedback mostly between $1.3 and $1.4m throughout the campaign, before attracting 16 registered bidders on auction day.
About six buyers took part in the auction, which opened at $1m before offers shot to $1.4m in a matter of seconds.
A crowd turned up to watch the auction of 6 Beechwood Ave, Greystanes. Picture: Julian Andrews.
Two parties faced off once bids hit $1.49m before a new bidder surprised everyone with a $1.57m offer. At this point one of the first two backed away, leaving the remaining parties locked in a duel that included one $500 bid and plenty of close calls.
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In the end, a truck mechanic in hi-vis gear who had just knocked off from working night shift made the winning bid of $1.6m which was bang on the vendor’s reserve.
The winning bidders. Picture: Julian Andrews.
Auctioneer Michael Garofolo from Cooley said the result showed how well the west was continuing to hold up despite the wider downturn.
“Everyone was very impressed by the home,” he said.
Lead agent Blaz Dejanovic from Blaze real estate Wetherill Park said the “Beechwood Estate” was considered a blue ribbon neighbourhood in Greystanes.
He said the vendors were moving to Europe after recently holidaying there – a growing trend he had noticed among other families in the area.
Auctioneer Michael Garofolo brings down the gavel on the sale. Picture: Julian Andrews.
“People are moving out of Sydney to get a bit more freedom,” he said.
The vendors had purchased the house in 2010 for $650,000.
PropTrack data shows there were 861 auctions scheduled in Sydney this week – a significant figure in the lead up to Christmas, yet down from this time last year when the market was running hot.
While activity in the eastern suburbs has started to decline ahead of the holiday season, auctions west of Concord are continuing to run strong, said Mr Garofolo.
He said most buyers remained unspooked by the eighth consecutive rate rise last Tuesday, with many already factoring in the increase well before it happened.
The western suburbs continues to see strong activity. Picture: Julian Andrews.
“The expectation was that it was coming,” he said.
“If it didn’t happen, it just would have been a welcome surprise.”
Walter Burfitt-Williams from Ray White Taylor and Partners Darlinghurst said buyers of one-bedroom apartments “weren’t dawdling” as they rushed to snap up a home before existing pre-approvals expired and their borrowing capacity was reduced.
For those buying within “the lifestyle range” it was more a matter of finding the right property.
He sold a dual level apartment in Surry Hills for more than $160,000 over the price guide after two buyers agents and two first home buyers took part in a “rapid fire” auction.
The auction at 62/30 Nobbs St, Surry Hills.
The two-bedroom apartment at 62/30 Nobbs St sold to an investor mum for $1.439m after a heated exchange of 45 bids in just 10 minutes.
It is understood the buyer’s adult children will live in the apartment for a while before it gets rented out on the open market.
A character home in need of renovation also sold well over the agent’s expectation for $4.26m further east in Queens Park.
The Victorian house marketed as having original pressed metal ceilings and a lacework balcony with wide open views over Queens Park had a price guide of $3.8m-$4m.
6 Stanley St, Queens Park.
Selling agent Ben Bickmore-Hutt of Belle Property Bondi Junction said the deceased estate had last traded for 6,750 pounds in 1965 and had water damage and holes in the floor that needed repair.
He said the two sisters that were beneficiaries of the estate were over the moon with the result, which was $160,000 over reserve.
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