Auctions in Sydney: the homebuyer’s daring brag after paying $4 million

A homebuyer who overpaid $700,000 for a house in Sydney’s northwest made a bold statement after beating 25 other bidders.

The spring auction market in Sydney is picking up after a long hibernation due to the lockdown.

Nearly 600 properties went under the hammer over the weekend, up from previous weeks when sales were unusually low for what is normally a busy time of year for auctions.

This was largely due to many would-be sellers delaying listing their properties until after lockdown restrictions were eased.

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With buyer demand still rampant, that ad shortage sharpened competition among home hunters and last month’s 83 percent clearance rate for auctions was the highest ever in September.

There was a similar auction success rate last week, with CoreLogic reporting that nearly 82 percent of auctions resulted in a sale. Preliminary indicators showed a similar success rate for auctions this week.

One of the biggest sales was a 2 acre property in Kenthurst. It changed hands for the first time in 60 years for $4 million – $700,000 above the $3.2 million reserve.

There were 26 bidders competing for the property on Pitt Town Rd and the bidding started at $2.9 million.

Auctioneer Stu Benson, director of Benson Auctions, said the buyer boasted after the auction that the property would have the “best house in Kenthurst” within 24 months.

“The past 18 months have prompted many people to think about lifestyle choices and where they will spend their time,” said Mr Benson. “The appeal of living on an acreage while being a relatively traffic light 15 minutes from the modern and poor amenities of Castle Hill and Rouse Hill – each with tube stations – is clear.”

There were four bidders left when the offers passed the $3.7 million market — a mix of builders and empty nesters.

In Ryde, a one-of-a-kind home with a “shoe locker,” basketball court, wine cellar, and other luxuries sold for $3.325 million.

The buyer of the Pooley St home has put the last four bids up for auction after it was confirmed that the highest bid was below reserve. The sellers would have dropped their reserve.

Stone Real Estate-Ryde sales agent Jason Segon said before the auction that $3.3 million would be a strong price for the area. The highest price for a four-bedroom home in the area was the $3.41 million paid earlier this year. Pooley St’s home was one of the top five most popular NSW listings on realestate.com.au this week.

with Aidan Devine

Originally published as Auctions in Sydney: the homebuyer’s daring brag after paying $4 million

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