A couple's hard work renovating their family home has paid off, with the property selling for $800,000 more than they bought it for in 2015.
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Their three-bedroom, two-bathroom home in Lane Cove North was one of 834 homes scheduled to go under the hammer for the first Super Saturday this spring. By evening, Domain Group had recorded a clearance rate of 70 per cent from 568 reported results.
While the number of auctions fell short of the 984 scheduled for the record setting September Super Saturday in 2015, it was still one of the biggest September auction days ever - with vendors keen to avoid selling over next week's busy Labour Day long weekend.
Despite almost 100 people turning out for the auction of the recently renovated property at 47 Farran Street, it came down to a two-man race for the 696-square-metre corner block.
There were six registered bidders in the crowd, but auctioneer Edward Riley of McGrath Estate Agents was greeted with silence when he called for an opening offer.
More than a minute passed before a buyer from Petersham made a $2 million bid, which was quickly surpassed by a $2.05 million offer from a Roseville buyer.
From there a bidding war ensued, with the offers going up in $50,000 and $25,000 increments.
The Petersham man eventually knocked out the competition with a $40,000 bid increase that took the price to $2.39 million. However he only secured the home after increasing his offer to the $2.4 million reserve, following a discussion with agent Brent Courtney of McGrath Lane Cove.
"I'm glad [the underbidder] didn't come back with another bid," said buyer David Brophy after the auction. "I took [the bidding] to the top of our limit."
The purchase ends a five-month house hunt for Mr Brophy and his wife Rachael, who he was on the phone to throughout the auction.
He said the level block was the perfect property for his young family, who are upsizing from a terrace, as it's close to schools, has room for a further extension and a big backyard with space for a pool.
Vendors Ruwan and Sian Wijetunga were delighted with the result which was well above the suburb's $2.01 million median house price and the $1.6 million they paid for the property in March 2015.
The couple spent about $300,000 transforming the property, which they bought as a deceased estate in poor condition, into their dream home for them and their two young children.
"We thought we'd be here forever, but we've decided we need a bit more space," Mr Wijetunga said. The young family will be upsizing to a nearby townhouse, which they've bought off the plan.
A few suburbs over in Greenwich, another young family dug deep to nab a semi-detached federation home that sold for $456,000 above reserve.
Bidding on the three-bedroom, one-bathroom property at 2 Evelyn Street opened at $1.7 million. The second bid took the price to the $1.75 million reserve, and the bidding continued to go up quickly from there as five of eight registered bidders vied for the keys.
The 259-square-metre property, which also sold through Brent Courtney, was snapped up for $2,206,000.
Mr Courtney noted that semi-detached homes, particularly ones with parking, were a rarity in the area and received strong interest from both young families and downsizers.
While Sydney's clearance rate dropped to 67 per cent last Saturday - its lowest result since December 2015 - Mr Courtney said A-grade properties were still drawing in buyers.
In neighbouring Wollstonecraft, a three-bedroom, two-bathroom townhouse with two parking spaces sold for $80,000 above reserve.
Bidding on 4/30 Christie Street started at $1.7 million and went up in $50,000 and then $10,000 increments, with five of eight registered bidders making offers on the home.
A young couple upsizing from the inner west snapped up the townhouse, sold through Tom Scarpignato of Belle Property Neutral Bay, for $1.93 million.
The vendors - a couple who renovated the property after purchasing it for $796,000 in 2008 - are upsizing to a larger home for their young family.
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10 Toothill Street, Lewisham NSW 2049. Photo: Supplied.
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4 Campbell Street, Waverley. Photo: Supplied
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2301/197-199 Castlereagh Street, Sydney NSW 2000. Photo: Supplied.
Sydney CBD
2301/197-199 Castlereagh Street
2 bedrooms, 2 bathrooms, 1 car space
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505N/2 Lardelli Drive, Ryde NSW 2112. Photo: Supplied.
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8 Bennalong Street, Granville NSW 2142. Photo: TouchIn Media
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8 Bennalong Street
3 bedrooms, 1 bathroom, 3 car spaces
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