Annandale House sells for $ 6.11million, more than $ 1million above reserve
The high-fire auctions pushed the price of a four-bedroom house in west-central Sydney up to more than $ 1 million above the auction reserve on Saturday.
More than 70 people attended the Annandale House auction – a merger of two adjacent cottages with city and harbor views – now the most expensive property ever sold under the hammer in the suburbs.
It was one of 560 auctions scheduled in Sydney on Saturday, up from 1,048 the week before, due to the long weekend.
That evening, Domain Group recorded a preliminary clearance rate of 73.5% out of 415 reported results.
26 Kentville Avenue, Annandale NSW 2038
The auction on 26 Kentville Avenue began with an opening bid of $ 5.1 million – above the $ 5 million price guide and a reserve from the start.
From there, auctioneer Thomas McGlynn of BresicWhitney accepted bids from four of the seven registered bidders. The price rose primarily by $ 50,000, and $ 25,000 rose to $ 6 million before slowing down to smaller increases.
A buyer’s agent, making an offer on behalf of an eastern suburban family, made the winning bid of $ 6.11 million for the two-story house on a 436-square-meter block.
This is the highest ever auction result in Annandale and comes just weeks after a two-home consolidation set a new suburban record of $ 8.7 million on Trafalgar Street. Before that, the highest price paid in the suburbs was $ 5 million in 2019.
âThis is an incredible result,â said sales agent Chris Nunn of BresicWhitney Glebe. âThe market is always strong, especially the trophy house segment, you tend to find that buyers are happy to look in a variety of suburbs with those in the east often the strongestâ¦ given that they can in. get a lot more bang for their buck here in the interior west.
Suburban home prices jumped 9.4% in the year through March to a median of $ 1.75 million, according to data from the field.
This was the first time the property had been sold since its amalgamation, with records showing that a block had been purchased in 1991 for $ 382,500, with the owners buying the house next door for around $ 550,000 in 1999.
In the nearby town of Rozelle, 14 bidders – some of whom had not inspected the two-bedroom house before the day of the auction – turned out to be competing for a terrace in original condition in need of renovation, where the only one entrance to the bathroom was from the courtyard.
Auctions on 127 Mullens Street started above the $ 1.1 million to $ 1.15 million price guide and climbed mostly in $ 25,000 increments as nine of the house hunters – a mix of first-time homebuyers and builders – have made offers.
127 Mullens Street, Rozelle NSW 2039
Competition for the 151 square meter block was between a builder and a young couple entering the property who were expecting their first child. The builder won with a bid of $ 1.525 million.
The result was $ 275,000 over the reserve and more than six times the $ 250,000 records show the patio was last traded in 1993. The property sold by Rita lopresti of Cobden & Hayson.
10 Wilson Street, Maroubra NSW 2035
Farther east, three bidders pushed the price of a five-bedroom ocean-view home a million dollars above the advertised price.
The auction for 10 Wilson Street Maroubra started at $ 5 million and climbed quickly to $ 100,000, as three of the four registered bidders made bids, both topping the price guide by $ 6 million. and the reserve price of $ 6.5 million.
The 621 square meter property sold for $ 7 million to the first bidder, a South Coogee buyer.
“It’s a very good result,” said the sales agent. Nader Hotait oF Ray White Maroubra and South Coogee. “Twelve months ago it would have been between $ 5 million and $ 5.5 million, but it has grown so much here.”
The result was well above the $ 3.75 million that records show sellers paid for the house in 2005, and three times higher than the median house price in Maroubra of $ 2.15 million, in increase of nearly 20% over the year until March.
61 Hallam Avenue, Lane Cove NSW 2066
On the North Shore, a five-bedroom Lane Cove home on the market for the first time in 45 years sold for $ 380,000 above the reserve.
The two-story home at 61 Hallam Avenue attracted 10 registered bidders, with the auction starting with an opening bid of $ 2.8 million.
From there, he climbed into a mix of $ 50,000 and $ 10,000 bids, surpassing the price guide by $ 2.9 million and the reserve of $ 3 million, as four of the parties made their best to outbid.
The 695 square meter block was sold for $ 3.38 million to an East Ryde retrofit family. It was sold by Tim Holgate of Belle Property Lane Cove.
61 Wells Street, Newtown NSW 2042
Back in the Inner West, it was a battle among first-time buyers for a two-bedroom patio at 61 Wells Street, Newtown.
Six parties, all first-time buyers, have registered to bid on the 114-square-meter property, with an auction opening at $ 1.44 million.
Two bids later, the price hit the reserve of $ 1.5 million and continued to climb, mostly in jumps of $ 10,000, as four of the bidders pushed the sale price to $ 1.582 million. The home, which had been traced to $ 1.3 million, has been sold to a first-time home buyer who is considering holding it as investment property.
The sale was negotiated through Shaun Stoker of White Ray Erskineville, and records show it last traded at $ 540,000 in 2007.