A humble two-bedroom property in Marrickville has shattered local property on an incredible auction weekend that saw buyers pushed to the extreme in their quest to buy.
Property records have continued to tumble across Sydney with benchmarks this time falling in Marrickville.
A two-bedroom single-storey terrace at 98 Juliett St broke for former $1.64 million street record after it sold at auction on Saturday for $1.98 million.
The property with a small backyard also set the new benchmark for the highest price paid for a two-bedroom single-storey home.
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The purchase price for was $180,000 above the reserve and nearly $300,000 above the guide. Auctioneer Clarence White had eight bidders register with five active.
Adrian William’s Norman Tran said no one had expected the price to be around the $2 million despite bidding opening at $1.7 million.
“We were unsure how the auction would go, but you could sense the competition between the buyers was strong before bidding opened,” he said.
Mr Tran’s co-agent, William Pereira, said buyers now had to budget for $2 million to buy in Marrickville.
“A few months ago a two-bedroom house in Marrickville would be $1.7 million, but now buyers having to spend $2 million for the same house,” he said.
The reserve price was smashed by nearly $300,000 at the virtual auction of a Stanmore home.
The renovated character residence with a mural on the side sold under the hammer for $2.59 million.
Competition was strong, with nine bidders placing a total of 35 bids between them via the Auction Now platform for 60 Westbourne St.
BresicWhitney Glebe’s Rhonda Yim said the residence was purchased by a young family from Waterloo who had spent months looking for a home.
“Both the buyer and underbidder went over what they had hoped to spend, but in this market you have to stretch to get something,” she said.
Seven bidders competed for the opportunity to own a designer residence in Drummoyne with a rare basement garage. The impressive three-bedroom property sold under the hammer for about $150,000 above the reserve at $3.405 million.
Auctioneer Peter Matthews opened the bidding at $2.8 million, before it climbed in $50,000 increments to $3.250 million.
At this point the underbidder entered the mix, but the local buyer who initially placed the second bid of the auction walked away with the keys.
Ray White Drummoyne’s Chris Wilkins said 122 Gipps St was sought after by buyers during the campaign because of its design and basement garage.
“They loved that you could move straight into it, and may buyers thought it was a brand new home by the way it looked,” he said.
A Camperdown family has edged out two other buyers for the keys to a rare four-bedroom Petersham home.
Situated on an above average 500sqm block, 5 Miller St sold under the hammer at an on-site auction conducted by Damien Cooley for $3.65 million – $150,000 above the reserve price.
CobdenHayson’s Jonathan Hammond said it was great to have on-site auctions back in Sydney after nearly four months of selling virtually.
“We are really pumped that they are back,” he said.
“Online auctions have been good, but there is nothing like the emotion of bidding onsite for the house in front of your eyes.”
Originally published as Sydney auctions: Two-bedroom Marrickville house breaks record on sizzling auction weekend