Auction results over the weekend revealed a housing market divided as a result of a rush to secure housing ahead of the holiday season.
The weekend’s preliminary auction clearance rate was 69 per cent, although there were close to 100 properties withdrawn.
Seven out of every 10 units taken to auction this weekend in Sydney sold under the hammer, which was a stronger result than for detached homes.
The inner west, in particular, experienced some strong results.
A Federation home on a 1,518 sqm block in Marrickville sold at auction for $3.710m.
Tightly held by the same family for 50 years, the property at 10 England Ave gave potential buyers the chance to restore it to its former glory and potentially add a secondary dwelling.
Listed via Adrian William’s Namir Mikha and Adrian Tsavalas, the result was the third highest price achieved at auction in Marrickville.
A new suburb record was set by the sale of 18 Harney St, Marrickville which sold for $4.28m.
The previous record was around $3.8m, with the new property listed by BresicWhitney’s Rhonda Yim.
The buyer was an owner-occupier who hadn’t considered the suburb before, having looked around the Drummoyne area for about a year.
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“No price guide was set when this was taken to market, but the feedback we received placed it in the $3m – $3.3m range,” Mr Mikha said.
“The reserve was $3.5m, so this was a fantastic result for us despite the small numbers attending the auction.”
Sydney’s inner west has been attracting large families and buyers looking for a dream home within proximity to the city, as houses with $3m guides hit the market.
Marrickville has particularly enjoyed a strong level of growth – being one of many Sydney suburbs to see local records tumble during the 2021 property boom.
Over the past 12 months, median house prices in Marrickville have grown by 15.7 per cent – with the average buyer now paying $1.92m to purchase a home.
“We’ve had builders, upsizes and large families with elderly families looking to move into this once in a lifetime opportunity,” Mr Mikha said.
“A lot of inquiries we’ve received have been all over Sydney … I think what has attracted people to this property is the open book nature – a buyer can use the back sheds and transform into a granny flat or even fit in extra parking spots for their car collection.”
Two other sales in Sydney’s inner west were recorded over the weekend, with the two bedroom and one bathroom property at 37 Cowper St, Glebe had five registered bidders at auction with three actively bidding.
Ray White’s Matthew Carvalho had the listing and said the property had 35 people watching on as it sold under the hammer for $1.615m.
“This was a strong result for the property and in line with market expectations,” Mr Carvalho said.
“Once buyers see competition kicking off at auctions, it gives them the confidence to get involved and bid strongly.”
In the neighbouring suburb of Alexandria, a three bedroom and one bathroom terrace sold for $2.35m at auction.
The renovated property at 189 Lawrence St offered buyers a peaceful oasis within a short walk from Sydney Park, local shops and transport.
Ray White Surry Hills agent James Natoli said the property appealed to small families.