Add CategoryFamilies have triumphed over developers in auction battles over the weekend in the Harbour City.
A Roseville Chase home that appealed to both families and developers wanting to knock down and rebuild sold for $3.51m under the hammer, $210,000 above its reserve.
McGrath Castle Cove agent Craig Ireson said a “very bullish” opening bid of $3.3m knocked five of the nine registered bidders out of the competition, leaving only four to compete.
Having held the property for over 30 years, the owners were “delighted” with the result.
“We were hoping for $3.1-$3.2, and we thought $3.3 might be a bit of a struggle, but then the opening bid came in at $3.3m,” Mr Ireson said.
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A family have come out on top of a Roseville Chase auction, selling for $3.51m.
The property had a price guide of $2.9m.
“Roseville Chase is a really hidden gem because it’s closer to the CBD and Chatswood than many other suburbs on the north shore,” Mr Ireson said.
“It’s about lifestyle … it’s bound up against the upper reaches of Sydney Harbour with Harbour beach fronts, the marina with restaurants, it’s idyllic.”
An auction in the Hills that almost passed in due to shy bidders, sold under the hammer $200k above reserve.
3 Talinga Place, Cherrybrook sold $200k above reserve.
Six bidders registered for 3 Talinga Place Cherrybrook with two active, selling for a final $2.85m.
Benson Auctioneers’ Stu Benson said he was expecting to pass the home in.
“With a bid finally forthcoming to secure those negotiation rights, I was prepared to pass the property in,” Mr Benson said.
“Another bidder could tell I wasn’t mucking around, so he also bid to get himself at the negotiation table … without realising it, the buyers had kickstarted the auction and had put the property on the market.”
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He added majority of property’s going to auction were still selling under the hammer, but the number of buyers had slowed down.
Families were drawn to the potential of the Cherrybrook home.
“It’s most certainly a ‘quality over quantity’ situation when it comes to bidder numbers at auctions right now … I’m typically seeing three and four bidders per auction, not the seven and eight we’ve become accustomed to,” he said.
Listing agent Sunny Lee from Castlehave said the buyers were a young family of five, upgrading from a duplex and attracted to the local schooling.
A strong auction in the Inner West saw a Concord house sell for $100,000 over the reserve, nearly hitting the $4m mark.
Horwood Nolan principal Ben Horwood said Concord was a “very resilient market.”
“It’s just got everything … lifestyle, access to good schools, public transport, great restaurants. It’s the best lifestyle in the inner west with bigger blocks and plenty of space,” he said.
Outside the Concord home that almost sold for $4m.
Located on a 619.7 sqm block with a large five bedroom, three bathroom house, the property was popular among families, renovators and developers.
With all four of the registered bidders active, the home sold for $3.9m to a young family upsizing from a neighbouring suburb.
“There are bigger blocks with plenty of space for families wanting a bit more room with 500 plus square metres then a lot of other parts of the inner west except for in and around Annandale, Leichhardt and Drummoyne, but it’s very expensive in those suburbs.”