Concord house sells for $4.5 million, $1 million above price guide

Key points

  • The Concord house was guided at $3.5 million, but sold for $4.5 million.
  • A Canberra couple bought a Newtown terrace for $1,965,000 after viewing it for the first time on Saturday.
  • A family upgrading from Hurstville bought a Randwick bungalow for $2.9 million. 

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A five-bedroom house in Concord sold for $4,500,500 on Saturday, trading for more than $1 million above its price guide.

The double-storey, double-brick house with a pool at 3 Fairview Street drew a large auction crowd and 10 registered bidders.

A five-bedroom house at 3 Fairview Street, Concord, sold for $4,500,500 at auction on Saturday.Credit:Rhett Wyman

It was one of 646 homes scheduled to go under the hammer in Sydney on Saturday.

The Concord auction started with an opening offer of $3 million, some $500,000 below the price guide. But that did not matter as eight parties increased the price in an almost 40-minute auction, in which agents had to work the auction floor to draw out almost every bid.

At one point, a fed-up buyer attempted to leave the auction before he was drawn back in by an agent. He eventually bought the home with a winning bid increase of $500.

Dozens watched on as the auction lasted for almost 40 minutes.Credit:Rhett Wyman.

The 696-square-metre property sold more than $1 million above the price guide and more than $500,000 above the $4 million reserve.

Sellers are not required to disclose their reserve price to an agent before auction day, and the reserve can be set higher than the advertised price guide.

Selling agent Ben Horwood of Horwood Nolan said they were confident of reaching their bullish reserve because of the competition on Saturday.

The successful Concord buyer, who almost walked out of the auction towards the end.Credit:Rhett Wyman

“The guy who bought it today tried to make offers on it numerous times, but we were adamant we were going to auction, and it proved the right decision,” Horwood said.

“When there’s uncertain times in the market, even though [buyers] really want the property they need to be pushed to pay to get it. That’s our job.”

The limited number of homes for sale has helped boost buyer turnout at auctions recently, but Horwood said buyer appetite was strong enough to support an increase is listings.

The home last traded for $850,000 in 1999, records show, the price increasing more than fivefold in 23 years.

Cooley Auction’s Damien Cooley knocked back bids of less than $500 at the tail end of the bidding.Credit:Rhett Wyman.

Concord’s median house price rose 6.2 per cent to $2,713,000 last year, Domain data shows.

In Newtown, a Canberra couple bought a modern terrace at 15A Bishopgate Street for $1,965,000 after viewing the property for the first time on Saturday.

The two-bedroom, two-bathroom home was guided at $1.55 million and attracted 20 registered bidders; a mix of downsizers, first home buyers and investors.

Bidding opened at $1.38 million and rose in varying increments as eight buyers competed. But the successful buyers didn’t jump in until $1.95 million, and secured the keys to the property with their second bid. The reserve was $1.6 million.

Selling agent Norman Tran of Adrian William said it was an outstanding result that did not reflect the two-bedroom market in Newtown.

“It speaks to the quality of the [home]. It’s causing people to dig a bit deeper and be competitive at auction. There were a number of people with parents helping.”

He said the successful buyers would use the property as a Sydney crash pad, and let it out as a short-term rental in between stays.

The home last traded for $970,000 in 2013, records show.

Newtown’s median house price slid 4.6 per cent to $1.67 million last year.

In Randwick, a five-bedroom bungalow at 157 Botany Street sold for $2.9 million to a family upgrading from Hurstville.

The house had an initial price guide of $2.7 million, which was revised down to $2.5 million, based on buyer feedback throughout the campaign.

Seven buyers – all families looking to upgrade – registered to bid on the property, but the auction was slow to start. An opening offer was made at $2.4 million, and bidding soon passed the $2.6 million reserve price, as five bidders competed.

Selling agent James Ledgerwood of McGrath Double Bay said buyers had been hesitant to bid until they saw others competing for property.

Randwick’s median house price dropped 8.8 per cent to $3.1 million last year.

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