Sydney auctions: final rush before Christmas, home sells $500k above reserve


Hot Auction - Pagewood

Auction at of 11 Monash Gardens in Pagewood as auctioneer Alex Pattaro brings down the gavel on the sale. Picture: Julian Andrews

Gifts aren’t the only thing Sydney siders are wrapping up before Christmas – with many sellers and buyers keen to land a good deal in the last big weekend of auctions for the year.

In a tightly held pocket in Sydney’s east, a Pagewood property has sold under the hammer $460k above reserve.

Snapped up by a young local couple, the three-bedroom abode sold for $2.56m.

Lead agent Phillip Elmowy from Ray White Maroubra and South Coogee said it’s been a “very active” few weeks leading up to Christmas.

Hot Auction - Pagewood

A huge crowd gathers to see the Pagewood home sell under the hammer, almost $500k above reserve. Picture: Julian Andrews

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“The demand is still there because the supply is limited,” he said.

Bidding started at $2m, with all five registered bidders having a crack at securing the home.

“The intensity of the auction started from the first bid, and it was a typical two horse race until the end driving the property to sell $460k above reserve,” Mr Elmowy said.

Hot Auction - Pagewood

The home at 11 Monash Gardens in Pagewood. Picture: Julian Andrews

Hot Auction - Pagewood

An exciting auction with Alex Pattaro at 11 Monash Gardens. Picture: Julian Andrews

“A similar property in the street behind sold for $2.2m a week earlier so this is a great result,” he said.

There were 839 auctions scheduled for this weekend in Sydney, a 20 per cent lift in choice for buyers compared to the same time last year.

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Many buyers couldn’t wait until the weekend and have wrapped up the deal before hitting auction.

The kitchen in 1 Monash Gardens Pagewood.

The backyard of the Pagewood home.

Chris Skarlatos, Property Partner at The Agency said in 20 years of working in real estate, he has never been so busy this close to Christmas.

“Usually a week out from Christmas buyers have calmed down but they’re still here so then we keep going,” he said.

Mr Skarlatos has sold five properties this week, all before hitting auction.

7 Humphrey St in Rosebery passed in last month at $2m, and has now sold this week above that at $2.15m.

7 Humphrey Street, Rosebery originally passed in at auction for $2m, it then sold one month later for $2.15m.

Inside the Rosebery home.

“That almost never happens,” he said.

“I feel there is more buyers who have been a lot more decisive over the last month, or they thought more stock would come and there wasn’t as much as they thought,” Mr Skarlatos said.

In an “intense and competitive” auction in The Hills, a Cherrybrook home has sold for $2.653m.

The auction had a large crowd of 50 people show up to see 2 Hallen Rd sell under the hammer $8k above its reserve.

Lead agent Nathan Leuzzi with the Ray White team and the happy family who purchased their Cherrybrook home.

Selling to a young family from Parramatta, lead agent Nathan Leuzzi from Ray White Upper North Shore said two families fought hard in $1,000 increments at the end.

“It’s our last weekend of auctions and there was a lot of demand for this property, it was a turnkey, manicured garden, great family home.” he said.

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2 Hallen Road, Cherrybrook.

The Cherrybrook home was sold by Nathan Leuzzi from Ray White Upper North Shore.

An Abbotsford apartment has sold under the hammer $250k above reserve.

With eight registered bidders and three active, a young family secured the home at 398 Great North Road for $1.2m.

Lead agent Fayez Yammine from The Agency Inner West said the property was popular among young couples and downsizers.

“The location and the size were the two main drawing factors, it’s walking distance from the ferry wharf, rowing club and shops.”

8/398 Great North Road, Abbotsford.

The apartment sold for $1.2m.

Sellers were “over the moon” after their Edmondson Park home sold for $1.48m at auction.

31 Rynan Ave, was a “neat” four bedroom turnkey home.

With nine registered and five actively bidding, lead agent Eva Frketic from The Agency South West Sydney said the young couple who purchased the home were “thrilled” to secure their first home.

“There is just not enough stock at that price point, we were expecting around that $1m mark,” Ms Frketic said.

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The turnkey family home in Edmondson Park.

The property sold for $1.48m under the hammer.


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