The reserve on the home, in Sydney’s Lane Cove, was just $2.8 million. But the auctioneers had to work hard to secure the eventual sale.
The auction of 11 Howell Avenue, Lane Cove, which was guided at $2.6 million.It was one of 403 homes scheduled to go under the hammer in Sydney on Saturday, despite the long weekend. By evening, Domain Group recorded a preliminary clearance rate of 53.3 per cent from 272 reported results, while 88 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
The auctioneer at Lane Cove was met with silence for a few moments before the bidding opened at $2.4 million, $200,000 shy of the $2.6 million price guide.The bidding rose in varying increments but not without a fair amount of cajoling from agents on the auction floor. The four active parties were reluctant to increase the bidding throughout the auctionBidding further slowed after $3 million. Two agents fought tooth and nail for every increase from the two remaining bidders.
Selling agent Julia Sikora of McGrath Lane Cove said it was a stand-out result for a market in which many homes are selling before auction due to the lack of competition. She noted the vendors’ expectations had been in line with buyer feedback. Rising rates were weighing on buyer sentiment elsewhere in Sydney. A newly renovated three-bedroom terrace atFour parties registered to bid on the home, and two made offers, but it was not enough. The terrace failed to sell on the auction floor. But it was bought by first home buyers 10 minutes after the auction for $1,685,000, after the vendor, a developer, reduced their reserve of $1.7 million.
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