A home seller in Sydney’s inner west has walked away from auction with a massive win after their modest, three-bedroom house built in the 1930s sold for just over $4m.
This stunning result put the humble brick house in Concord up there among some of the priciest auction sales in the country and level with many of the nation’s luxury homes.
The vendors had bought the Alton St home in 2009 for $1.22m, equivalent to about $1.82m in today’s spending power, according to ABS inflation calculations.
The home resold under the hammer on Saturday for $4.024m, surpassing the $3.9m reserve by $124,000.
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This is what $4m+ now gets you: 8 Alton Ave, Concord sold for $4.024m.
The sellers had struggled to offload the 801 sqm property back in 2023, with no offers coming in close to the $3.5m advertised price at the time.
Selling agent Arthur Syrios of McGrath-Strathfield said the main appeal of the property was the larger land size, which meant it could be developed into a duplex, but there was a catch. The 2023 sale had been an uphill battle because parts of the block had turned builders off, including a tree, power pole and stormwater drain that blocked where future driveways would need to be placed.
The sellers solved this issue by getting DA approval to build over some of these obstacles.
“That saved a builder having to spend a year dealing with council. It made a difference,” Mr Syrios said. “The sellers are very, very happy.”
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Auctioneer Emanuel Comino received an opening bid for the Concord home at the $3.9m reserve price.
It’s understood the buyers were brothers living locally who teamed up for the purchase with the intention of building a duplex on site. The plan is to have their respective families each occupy one side of the duplex upon its completion.
FIRST-HOME BUYERS PAY $1.95M
Other strong sales in the inner west included a three-bedroom unit in Rozelle sold for $1.95m after spirited bidding from three registered parties.
The sellers (left) and buyers (right) of the Alfred St unit in Rozelle. Picture: Ray White
All three of the parties vying for the Alfred St unit home were reported to have been first-home buyers.
Selling agent David Meadowcroft of Ray White Rozelle would not discuss details of the reserve but an observer revealed it was near $1.8m.
$200K EXTRA PAID IN GYMEA BAY
A Gymea Bay home sold for nearly $200,000 above expectations after a crowd of 50 people swarmed the auction, including 10 registered bidders.
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6a Coonong Rd, Gymea Bay sold nearly $200,000 higher than expected.
The strong competition drove up the price of the four-bedroom Coonong Rd home to $1,772,500, which was well above the $1.6m reserve.
Auctioneer Andrew Cooley said feedback during the campaign had suggested the home would sell for much lower than it did. The buyer was a downsizer.
“I’d say it’s a decent market right now,” Mr Cooley said. “It’s not skyrocketing. In a way, it’s a normal market.”
$2.55M BID JUST TO RAZE HOUSE
A dated two-bedroom house in North Ryde sold under the hammer for $2.55m – $250,000 over reserve – just to be bulldozed to make way for a duplex.
9 Clarence St, North Ryde sold for $2.55m.
Three builders registered to bid for the Clarence St home on a 575 sqm block and auctioneer Michael Garofolo of Cooleys received an opening bid of $1.8m.
“These kinds of sites sell well in Ryde because the builders can make about $1m profit with a duplex,” Mr Garofolo said. “These are probably the strongest sales in the area right now.”
BEST PERFORMING PROPERTIES
Commenting on the market generally, Cooleys director and auctioneer Michael Garofolo said sites with scope for development were attracting the stiffest competition in the current Sydney market.
Properties that lacked this factor could attract vastly different levels of demand depending on the price points, Mr Garofolo explained.
Auctioneer Michael Garofolo said demand varied greatly by price point in the current market.
Homes priced under $2.5m were attracting a lot of buyer competition while properties priced over this level were “hitting a handbrake”, he said.
Mr Garofolo explained that this was because of a difference in the types of buyers for these homes.
Sales of pricier listings relied on discretionary buyers who could delay purchases while demand for cheaper homes was driven by “need”, he said.
“Buyers who would be spending above $3m are a lot more cautious. They’re questioning whether they should go into that much more debt at this time,” Mr Garofolo said.
“They don’t have to move and they don’t feel like it’s a good time to do it. It’s different for the (sub $2m) market. They need a roof over their heads.”
Building sites were an exception to this rule because developers could make a lot of profit, especially off duplexes, Mr Garofolo said.
