Sydney auctions: home seller pockets $480,000 above price paid six months ago
Auctioneer Stu Benson at the sale of a Cherrybrook house on Patu Place.
A Cherrybrook home seller has pocketed a $480,000 profit from a property owned for six months.
The seller had purchased the two-level house on Patu Place in September for $1.9 million and after doing a minor renovation sold it at auction Saturday for a new suburb record of $2.38 million.
The price was $380,000 over the reserve and a mark of how quickly prices have been rising in the current boom.
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A crowd of more than 100 people were reported to be in attendance at the auction and were heard gasping at some of the bids placed.
Fifteen bidders registered, some after the auction commenced, and auctioneer Stu Benson received a total of 64 bids, 46 of which were from two buyers.
The Patu Place house had sold for $1.9 million six months ago.
“It was just incredible,” Mr Benson said. “The two bidders went toe to toe trying to find each other’s limit. No one wanted to give up.”
The eventual buyers made a “knockout” offer $9000 above the previous bid – the last few increases had been under $1000 – and the underbidder responded by tucking away their bidder card and clapping.
Selling agent Greg Nicolson of Louis Carr Real Estate said the steep price increase over six months was the result of a significant stock shortage in the area.
“There are just 15 house sales in Cherrybrook, which is very low for the area, and there is huge demand so buyers don’t have many options,” he said.
The kitcehn had been renovated.
“I’ve never seen a market like this. The urgency from buyers, the volume of buyers and how aggressive they are, it’s like nothing we’ve ever had before.”
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It is not known why the owners decided to list their property so soon after buying it. Listing images showed the kitchen and bathrooms were upgraded and new floors installed, but no structural renovation work was attempted.
Earlier in the morning, a three-bedroom house on Parkland Rd in North Ryde sold under the hammer for $1.931 million after attracting 20 registered bidders. The price was $131,000 over the reserve.
Auctioneer Michael Garofolo calls bids on 19 Parkland Rd, North Ryde.
Auctioneer Michael Garofolo of Cooley Auctions said it was an impressive result but not a surprise.
“It’s no longer that surprising to have 20 bidders,” he said. “Good properties in good suburbs will get people turning up in this market.”
Selling agent Alan Fowler of Laing and Simmons-Wentworthville said much of the interest in the North Ryde home was from families keen to knock the home down and start fresh.