A pair of amateur real estate pinball machines sold a three-bedroom house in north Sydney for $ 1.903 million at auction on Saturday, less than a year after they bought it for $ 1.28 million.
The father-son duo – who snatched the keys to 15A Bolta Place, Cromer, in October last year – rejuvenated a handful of features before reselling the tidy family home less than 12 months later.
The house was one of 354 Sydney properties for sale under the hammer on Saturday – with nine virtual bidders fighting furiously for the Cromer property before an owner-occupier made the final offer to kill the competition.
“It was a huge result … and now these guys [the vendors] are considering doing another project for themselves with a larger block because they just wanted to take advantage of the market. In fact, it was their plan [when they bought it in October]McGrath Manly’s co-selling agent Gavin Daly said.
“I don’t know if they realized it would go away so quickly in no time, but it was their first [property flip], so this is a good start.
“As for the renovations, they did the bathrooms and the laundry and a bit of the floors, as well as the outdoor terraces. One of the owners, Callum Rogers, is actually a builder at Olympus Building Services, and he did it himself.
15A Place Bolta, Cromer NSW 2099
While the home’s low-maintenance design and access to key infrastructure sparked a flood of buyer inquiries throughout the auction, Mr Daly said the lack of stock at the city further fueled the fierce competition.
But amid reports of new listings ahead of the spring sales season, Daly felt the incredible speed of the market could soon slow down, and with it soaring prices.
“We’ve seen more properties come onto the market over the past two weeks, so it looks like prices may flatten out a bit.”
In the Midwest, a one-bedroom unit sold for $ 925,000 after 18 registered bidders pushed the price by $ 225,000 above the reserve.
Despite its 50 square meter floor plan, the unit – at 1/14 Denning Road, Petersham – boasted of a million dollar location, Ray White’s co-selling agent Ercan Ersan said. Surry Hills, with a dominant Coffs Harbor investor in front of a pool of mostly first-home buyers.
“I think this is a new record price for a one bedroom apartment in Petersham… and I think we have had so much interest from buyers because it is on a very quiet street that only locals use it, and it’s an art deco block of just four, “Ersan said.
1/14 Denning Street, Petersham NSW 2049
“As for the owners, they had been there for about 10 years… but it was quite surreal for them as it was their very first property and he was quite emotionally attached – so this price made the move a little easier.”
Across Sydney, 423 homes sold out of 569, resulting in an 84% liquidation rate and a median sale price of just over $ 1.46 million.
In Melbourne, a liquidation rate of 67% was collected after 130 homes sold under the hammer for a median price of $ 940,000. Agents reported an increase in buyer activity following relaxed lockdown restrictions that now allow private inspections.
Despite the reprieve, Ray White Blackburn manager Peter Schenck said many buyers continued to snatch up unseen homes over the weekend, including a chic chalet at 34 Selkirk Avenue in Wantirna, which has reported on Saturday an amount exceeding the reserves.
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“This was the first online auction I’ve done where 95 percent of the people who signed up had never physically seen the house, and we had 15 registered bidders,” Mr. Schenck said.
“So while I could have one-on-one dates under the new rules, only a handful saw it and then sold for $ 1,135,000, which was way above what the seller said. and I thought it would sell. In fact, it was about $ 150,000 over the reserve.
“To be fair, the ease of the restrictions didn’t make a difference as the top three bidders were given the opportunity to tour the property, but they didn’t. If you have quality videos and virtual tours [it’s often enough] and although we are allowed to make appointments now, people still do homeschool and work from home.
34 Selkirk Avenue, Wantirna VIC 3152
The four-bedroom, two-bathroom home last sold for $ 420,000 11 years ago with the vendors, who run a kitchen business, completing an exemplary kitchen renovation that turned out to be a big hit with house hunters, Mr. Schenck said.
“The sellers are very happy and the buyers – a local family – were over the moon as they had been looking for for some time.
At 30 Seaview Crescent in Mulgrave, a three-bedroom townhouse was also sold under the Virtual Hammer for a price that exceeds reserves after a first-time home buyer closed the deal with an offer of 500. $.
The buyer, who competed with 15 other registered bidders, including six active, paid $ 904,500 for the tidy house, which was well above the guide price of $ 780,000 to $ 850,000.
Ray White Oakleigh’s sales agent Leigh Kelepouris said that with private inspections now allowed across Melbourne, agents on their side have been kicked out, with his agency alone organizing 90 private inspections for their listed properties.
“There have been a few properties that are more popular – these are family homes – with people making their purchase forever,” Kelepouris said.
30 Seaview Crescent, Mulgrave VIC 3170
“But there were good numbers in townhouses and even in apartments. Where we would normally have an inspection, there were five. “
In Brisbane, the city’s real estate market recorded an 82% liquidation rate after selling 51 homes for a median sale price of $ 945,000.
Among the homes that were the subject of the transaction, a sprawling 5,354 square meter estate at 202 Chapel Hill Road, Chapel Hill, scored the best result of the day after a local family paid $ 3,205,000 for claim the keys.
Dixon Estate Agents sales agent Jack Dixon said the prestigious pocket is one of the closest suburbs to the CBD that offers square footage, with homes incredibly tight as a result.
“We had 14 registered bidders for this one, and it started at $ 2 million and grew to $ 2.9 million very quickly. Then three buyers fought to the end, ”Dixon said.
“I think the fact that the house was on two lots and gave buyers that flexibility made it so desirable… and we also had different pools of buyers, including a few interstate buyers bidding online.”
202 Chapel Hill Road, Chapel Hill QLD 4069
Mr Dixon said the sellers, who had lived there for more than two decades, were delighted to see their beloved abode passed on to another family.
At 17 Perihelion Street, Coorparoo, a large, old five-bedroom house on 1190 square meters of land sold for $ 2,003,000 after six registered bidders showed up for what was a “spontaneous and dynamic auction”.
“We originally had four bidders, but two chained together in the middle of the auction, and they had never seen it before,” said co-selling agent Hamish Bowman of Ray White New Farm.
“And the buyer was just looking for a large lot in a good suburb, so they’ll probably put it on reserve or lease it for a while,” Bowman said.
“The buyer profiles were all primarily locals, and they were passionate about the school area… and the sellers, they had been there for a whole generation, and they bought a house in Tenerife to downsize.”
17, rue Perihelion, Coorparoo QLD 4151
While the prized property was always going to be popular with buyers, Mr Bowman said, the result was indicative of the city’s strong market, which is expected to “run tough” until the end of the year.
“We had 30,000 people who arrived in Queensland last year, so with all the infrastructure [in the works] and we’re looking at a great time – nothing’s going to stop us, ”Bowman said.
with Mélissa Heagney