In Howard Street, Randwick, a two-bedroom unit was sold for $1.44 million, exceeding the seller's reserve price by $240,000. Due to the property's attractiveness, Angus Gorrie, an agent from Ray White Eastern Beaches, registered 13 bidders.
Bidding started at $1.2 million and quickly escalated in increments of $25,000, leaving many hopeful buyers out of the competition early on. In the end, only two bidders persisted through 12 rounds of bidding, with the final difference being a mere $5,000.
Mr. Gorrie commented, "The price for such a large unit is just too high. It's a record-breaking figure." The successful buyer plans to make it their residence, while unsuccessful buyers hope to secure housing for their adult children.
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Mr. Gorrie added, "All the properties we've launched this year have been sold. In auctions like these, if 12 registered bidders walk away empty-handed, they often come back to bid higher in the next auction." He also noted that most buyers have been searching for properties since last year, hoping to end their prolonged search soon.
In First Farm Road, Hills District, a designer home was sold for $5.28 million, marking the highest transaction price for a single residential property in the suburb in nearly a year. Auctioneer Stu Benson stated, "Out of the 13 registered bidders, only four had the opportunity to raise their paddles. Bidding soared from $4 million to $5 million in a short time, surprising many onlookers."
In the Killara area on Albany Crescent, a plot of land spanning 885 square meters attracted six bidders. Ultimately, the property was sold for $3.12 million, $520,000 above the auction guide price. With intense competition, 13 registered bidders fiercely vied for the property.
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Additionally, a demolished house in Epping was sold for $2.11 million, $610,000 above the reserve price. The property on Eastcote Road underwent partial renovations 13 years ago but was later abandoned by the owner.
Catherine Murphy, a sales agent from The Agency, estimates that at least $200,000 investment would be needed to bring the house up to standard. She said, "Considering the condition of the property, the price is indeed high."
In Caringbah, Sutherland Shire, an outdated three-bedroom townhouse was sold for $1.207 million, $207,000 above the reserve price. Nine individuals registered to bid with the selling agency, Peter James. The buyers plan to renovate the property on Yathong Street.
Andrew Cooley, an auctioneer from Avenue Auctions, remarked that bidding was highly competitive, indicating a resurgence in the market.
