The ‘unconventional’ Summer Hill two-bedder that sold for $1.35m at auction

In North Ryde, a five-bedroom, four-bathroom home sold under the hammer for $2,107,000 to a buyer from Lane Cove West who wanted a larger house.

The two-storey property at 1 Cooney Street was guided at $1.85 million and had its reserve set at $2,050,000. There were several entertainment zones, including a modern kitchen that led out to a covered patio and garden.

All three registered bidders took part in the auction; they were upsizers from Drummoyne and North Ryde.

Bidding started at $1.6 million and the price rose in varying increments. Stone Real Estate’s James Sarzano said bidding became intense after passing $1.9 million.

Sarzano said features of the property that held appeal included its modern fixtures, spacious floor plan and proximity to the Metro, local amenities and schools. North Ryde’s median house price rose 6.5 per cent to $2.45 million in the year to December on Domain data.

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Records show the home last sold for $1,668,000 in 2019.

Sarzano said February’s rate cut had resulted in a rise in buyer inquiries but had not boosted prices and demand as much as he had expected. He predicted that would come after the next rate cut, whenever that may be.

In Lindfield, downsizers won the keys to a $2,623,000 Killarney Heights home at auction after beating a young family from Panania with a final $1000 bid.

The four-bedroom, two-bathroom property at 2A Ballina Avenue was guided at $2.2 million, and its reserve was set at $2.55 million.

Three of four registered bidders were active. The opening bid was $2 million and the price quickly reached the guide. From $2.6 million, bids were as small as $1000 and the auction became a contest between the downsizers and a young family.

Both parties liked the flat block and the home’s lucky red front door and good feng shui, McGrath Forestville’s Karen Terry said.

The downsizers eventually triumphed over the family after placing a final $1000 bid to edge ahead. “They were devastated to have lost by just a $1000 bid,” Terry said.

The vendor has been living in Hong Kong for the past 23 years and bought the home for $190,000 in 1986 for his parents to live in. Terry said the home was no longer needed after his parents died.

February’s rate cut has given buyers slightly more confidence, Terry said.

“The fear for buyers that we work with, and I’m not talking about cashed-up downsizers but rather families, is that if they hold off on purchasing for too long, they might get priced out quickly if the market does start to build momentum.”

In Dulwich Hill, a three-bedroom, one-bathroom home with no parking sold under the hammer for $2,055,000 to first-home buyers.

The property at 30 Beach Road was guided at $1.7 million, which was also its reserve. There were nine registered bidders and five active; most were first-home buyers.

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Bidding began at $1.7 million and the price rose in varying increments. The buyers were a young couple who had been renting in the inner west and moved back home to North Sydney to save a deposit. They outbid another first-home buyer couple.

BresicWhitney Inner West’s Frederico Fraga-Matos said Dulwich Hill has become popular among first-home buyers because it is next door to Marrickville, a trendy hub for food and culture.

He said the buyers would move in immediately and renovate the home in the future.