Sydney auctions: Epping home sells, family nets $1.5m windfall
An Epping family were “over the moon” having walked away from their auction with a $1.5m windfall in just over 10 years.
A huge crowd gathered in the backyard to see the single level abode at 14 Hills Ave sell for a whopping $2.765m, $65,000 above its reserve.
The family had owned the residence for just over 10 years, having purchased in 2013 for $1.255m, according to property records.
The four-bedroom, two-bathroom family home fetched 12 registered bidders, with seven of them active.
Most of the bidders were families, some looking to knock down and rebuild.
Auctioneer Michael Garofolo at the Epping auction on Saturday morning. Picture: Tim Hunter.
Lead agent Nathan Circosta at Ray White Carlingford said it was a huge price for the area and type of home.
“It’s a very ordinary single storey entry-level home,” Mr Circosta said.
“But we are seeing a lot of growth in the area,” he added.
“There is a shortage of properties so that’s the reason why prices in Epping have shot up in the area in the past two months.”
The house sold to a “lovely young family” who were planning to live in the home.
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Winning bidders. Picture: Tim Hunter.
Mr Circosta said eventually their plan was to knock down and rebuild after living in the property for a while.
Families were drawn to the property due to its proximity to the train station and it falling within the catchment zone for Epping West Public school.
The auction, led by Cooley auctioneer Michael Garofolo, started off slow but picked up as the auction went on.
Mr Garofolo had to kick start the nervous bidders with a vendor bid of $2.3m.
“Once we started it was nice and neat, there was a nice flow,” Mr Garofolo said.
A large crowd gathered in the backyard at the Epping home. Picture: Tim Hunter.
There had been pre auction interest sitting around the $2.5-2.6m mark, he added.
“It wasn’t a development site so builders and developers weren’t there to push the price up over $3m,” he said.
“It gave the mum and dad owner-occupiers a good shot.”
The underbidders were Singapore nationals who were bidding online from overseas.
They just missed out on securing the home by only $2,000.
Epping’s median house price is currently sitting at $2.475m, up 12.5 per cent in the past 12 months according to PropTrack data.
The single storey home.
The home was an ordinary simple home, according to Mr Circosta.
In the South West, a Horningsea Park home sold for a “surprise result” of $1.54m under the hammer, $200k above its reserve.
The property at 10 Sarah Hollands Dr had nine registered bidders and eight actively bidding.
Lead agent Darrin Smith from McGrath Camden had been guiding $1.195m and said the result was a big surprise for all involved, including himself.
He said buyers were drawn to the quality and presentation of the home, adding there was a “shortage of good properties” in the area.
10 Sarah Hollands Drive, Horningsea Park.
“The shortage is driving all the markets in Sydney at the moment,” Mr Smith said.
According to property records, the home has been tightly held since it sold in 1998 for $126,000.
“It’s a spacious four bedroom with a study or fifth bedroom, it offers a very comfortable lifestyle with a great backyard and pool with side access for boats, trailers or extra cars as kids get older.”
The property sold for $1.54m
The back yard of the Horningsea Park home.
The property sold to a young family who were looking to move into the area from The Central Coast to be closer to their family members.
Horningsea Park has a house price median of $965,000, according to PropTrack data.
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