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Home/Australia Breaking News/Sydney auction wrap: Reserves broken as buyers
battle to win auctions
Australia Breaking NewsBusinessFoodsGamesLife StyleTechTravelUncategorizedWorld


SYDNEY AUCTION WRAP: RESERVES BROKEN AS BUYERS BATTLE TO WIN AUCTIONS


gmail.com4 weeks ago
0 57 3 minutes read
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Joy Metros has spent the last two years looking for a property in Sydney’s Inner
West. Over the weekend that journey finally came to an end when she successfully
secured her dream home, beating out four other bidders.

Accompanied by her 22-year old son George Pergamalis, the pair had inspected the
property at 57A Kitchener Ave in Earlwood a few times prior to auction.

Ms Metros had previously lived in the Inner West and was looking for a new home
to settle into.

“I think the lengthy amount of time it took for me to find a new property is a
product of the volatility in the market.

“A lot of the properties I looked at over the two years have been solid, but
prices hadn’t dipped enough to be able to confidently win at auction.

“Doing all the building reports and pest inspections has been exhausting, and it
can be difficult to nail down how much a property might sell for when comparing
it to its price guide.”
MORE:
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The unit that attracted 250 inquiries in days

The Earlwood property was listed via McGrath’s Alexandra Stamatiou-Buda for
$1.3m, with 11 registered bidders at the auction.

With two bedrooms and one bathroom, the property had appealed to buyers looking
for a character home close to Earlwood’s village shops.

Ms Stamatiou-Buda told The Daily Telegraph that the final $1.55m result had been
the latest to follow a trend of buyers taking advantage of the NSW state
government’s changes to stamp duty.

“During the campaign, we saw a lot of young families and couples inspecting the
home.

“I’ve worked as a sales agent for 20 years and I don’t think we can say that
we’ve seen the bottom of the market yet. While the results are strong, they’re
being driven by strong buyer activity and a lack of quality stock – which will
always sell well.”

For Joy, she was just relieved to secure the Earlwood property despite the crowd
of 60 people watching on.

“It’s good result for my budget, this is an area I loved when I lived there and
I’m glad I can re-centre my life here again.”
Elsewhere in other auctions, shocked onlookers witnessed a buyer purchase a
property sight unseen.

The winning buyer saw 38 Cairns St, Riverwood for the first time 20 minutes
before buying the property under the hammer of auctioneer and Ray White NSW CEO
Tim Snell.



Agent Adison Cao had expected a builder or developer to buy the home given it
had DA approval for four townhouses and yet an owner occupier won on the day.

The auction started slow, with 10 registered bidders and three actively bidding.
The winning bidder ultimately walked away with the property for $1.81m.

“The buyer had never seen the property until 20 minutes before the auction.
‘They basically bought it sight unseen. They came to the open and they aren’t
locals, but they have friends in the area,” Mr Cao said.

“Sellers are very happy with the result.”
Finally, a family home in Baulkham Hills has sold for $130,000 above its reserve
price.

The three bedroom and two bathroom property at 202 Seven Hills Rd in Baulkham
Hills had been listed via Fortis agent Yoginder Sharma for $1.45m.

Auctioned via Cooley’s Michael Garofolo, the sale saw five registered bidders
with three actively competing.

It was a mixture of owner occupiers and families looking to secure a home in the
Matthew Pearch Public School catchment, 250 metres from the property.

Mr Garofolo said he had seen an increased aggressiveness in the bidding, with
one bidder placing a $70,000 bid during the sale.

“A few weeks ago I had a property for sale in the Inner West that saw buyers
trading 50,000 bids against each other.

“I haven’t seen aggressive bids like this for a while, and it may be another
indication that buyers are ready to put their money down for a property as
interest rates have temporarily paused.”

Originally published as Sydney auction wrap: Reserves broken as buyers battle to
win auctions

Read related topics:Sydney

#Sydney #auction #wrap #Reserves #broken #buyers #battle #win #auctions

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auction auctions battle broken buyers reserves Sydney win wrap
gmail.com4 weeks ago
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