Alexandria terrace triples in price in just over 10 years

???The transformation of AlexandriaAlexandria warehouse sells $1 million over reserve at auction

The wet weather on Saturday morning did little to dampen competitive bidding for an Alexandria terrace, which sold for more than triple the price it was bought for a little over 10 years ago.

A crowd of 30 braved the miserable conditions to watch as four of six registered bidders battled it out for the four-bedroom home at 258 Henderson Road.

The terrace was one of about 720 properties listed for auction on Saturday. By Saturday evening, Domain Group had collected 511 auction results to put the clearance rate at 82.2 per cent.

“The Sydney market is simply relentless, with another extraordinary auction result from higher listings,” Domain Group chief economist Andrew Wilson said.

Bidding started strongly at $1.8 million and quickly surpassed the $1.85 million reserve. The price went up in $20,000 and then $10,000 increments as two would-be buyers vied for the property.

Shortly after, it switched to a bidding battle between two new bidders: a couple from the eastern suburbs and a couple from neighbouring Erskineville.

A fresh downpour prompted auctioneer James Keenan to usher the crowd from the backyard to the living room at the pinnacle of the bidding, but this did little to slow the auction with the property selling minutes later for $2.01 million – $160,000 above the reserve price.

The winning bidders – the Erskineville couple – embraced after the hammer fell and shook hands with their competitors, the underbidders from the eastern suburbs.

The Erskineville couple, who did not wish to be named, said they were very happy with the result and were upsizing from their first home, a nearby terrace.

Apart from selling well above Alexandria’s median house price of $1,540,000, the end result was $1.35 million above the $660,000 that records show the property last sold for in 2006.

Vendor Robin Crago, who will be downsizing in the area, was relieved that the bad weather had not affected the turnout.

“It was pouring down this morning and last night it was almost cyclonic sounding, I was just hoping it would clear up,” she said. “It didn’t quite, but I’m very happy with the result … it went for a little bit more than I was expecting.”

Ms Crago said that if she had not got a good price it would be a lot more difficult to buy back into the competitive market.

“I want to stay here,” she said. “It’s just so central, you’ve got absolutely everything you need close by and there’s lots of good neighbours.”

Selling agent Shaun Stoker of Ray White Erskineville, who showed more than 100 groups through the property, said Alexandria – which has seen the median house price rise 19.1 per cent in the last six months, according to Domain Group data – was in strong demand.

“It’s central to the city, there’s not a lot of travel time for people to get to work,” he said. “This house is right near Erskineville village, which has come a long way in recent years and you’ve got the nearby Commonwealth Bank office being built on this street down at n Technology Park, the area is going from strength to strength.

“Bad weather won’t hold buyers back, buyers would wake up at 3am if they had to in the current market.”

6A/73A Banksia Street, Botany NSW 2019. Photo: Supplied.

Meanwhile, further south in Botany, another Victorian terrace sold for $1.45 million – $140,000 above the reserve price.

About 100 people gathered to watch as five of 11 registered bidders battled it out for 6A/73A Banksia Street, which sold to a first-home buyer couple from Rosebery, looking for their dream family home.

Selling agent Patrick Byron of Ray White Green Square/Botany, who showed about 70 groups through the property, said the vendors – who bought the property last year for $1.18 million – were delighted with their $270,000 windfall.

24 Waratah Street, Leichhardt NSW 2040. Photo: Supplied.

Over in the inner-west, a three-bedroom home in Leichardt, which was inspected by more than 150 groups, went for $1,777,500.

Three of five registered bidders competed for 24 Waratah Street, which sold for $177,500 over the reserve price.

Simone Azzi of Belle Property Annandale said the vendor, a former Leichardt mayor, was very happy with the result and delighted to see the property snapped up by a young local family. Elsewhere across Sydney:

9 Queen Street, Botany.Photo: Supplied.

SOLD $1,555,000 Botany 9 Queen Street

This freestanding weatherboard home went $255,000 over the $1.3 million reserve when it went under the hammer for the first time in over 65 years, on Saturday. Bidding on the deceased estate started at $1.2 million and initially went up in $20,000 jumps, as two of nine registered bidders battled it out for the property. In the end it was snapped up by a young local family looking to upsize. Jason Malouf of Ray White Maroubra/Coogee, said the vendors were very happy with the result and were surprised by the prices that properties were now going for in the area. He said the majority of the 130 groups that inspected the property prior to auction were young families looking for a home ripe for renovation.

6 Fraser Street, Randwick.Photo: Supplied.

SOLD $3.9 million Randwick 6 Fraser Street 5 bedrooms, 3 bathrooms, 2 parking spaces

Fierce competition between bidders saw this home sell for a whopping $800,000 over the reserve price. Bidding on the property, held by one family for about 30 years, started at $3 million and went up quickly in $100,000 and $50,000 increments as six of the 12 registered bidders battled it out. Daniel Cachia, of Phillips Pantzer Donnelley, showed about 140 groups through the property, which ended up selling to a Vaucluse family.

50 College Street Drummoyne. Photo: Supplied.

SOLD $2.02 million Drummoyne 50 College Street 3 bedrooms, 2 bathrooms, 1 parking space

A young local couple beat out two other bidders, to snap up this federation home, held by one family for over 50 years. Bidding on the deceased estate started at $1.8 million, and quickly surpassed the $1,925,000 reserve price as it went up in $50,000 increments. Craig Davies, of Warwick Williams Real Estate, who showed more than 60 groups through the property, said it had drawn strong interest from young couples looking to create their dream home as well as downsizers.

3 Bayview Avenue, Mosman NSW 2088.Photo: Supplied.

SOLD $2.75 million Mosman 3 Bayview Avenue 3 bedrooms, 1 bathroom, 0 car spaces

This tightly held Mosman home sold for $350,000 above the reserve when it went up for auction on Saturday. More than 100 people watched on as six of the eight registered bidders competed for the property, with bidding starting at $2 million and rising in $100,000, then $50,000 and $20,000 increments. The home, which selling agent Anthony O’Gorman of O’Gorman and Partners showed 160 groups through, was snapped up as an investment property and holiday home for a surgeon from Austinmer.

31 Burraneer Bay Road, Cronulla NSW 2230. Photo: Brett Shearer

SOLD: $1,905,000 Cronulla 31 Burraneer Bay Road 2 bedrooms, 1 bathroom, 1 car space

About 100 people braved the bad weather for the very first auction of this home built in 1955. Bidding started at $1.2 million and went up in $25,000 increments, going well above the $1.5 million reserve. Selling agent David Kennedy of Chris Burke & Co showed 60 groups through the property prior to auction. The much-loved family home drew strong interest from local families looking for their own dream home and was snapped up by a local builder.