The Sydney Morning Herald reported on June 9 that a striking property auction was held in Sydney's Strathfield district on Saturday.
A modern five-bedroom home has become the focus of auctions and attracted the attention of many buyers.
The auction attracted about 40 people, including four registered bidders in a fierce competition.
The auction started with the guide price of AUD 3.7 million, and soon someone bid for the "Gely Number" of AUD 3.9888 million, which was 88,800 higher than the reserve price of AUD 3.9 million.
It is worth mentioning that the seller's reserve price does not have to be consistent with the property's guide price, which is not stipulated by law.
Amaroo Avenue No. 15 (Photo source: Sydney Morning Herald)
As the auction proceeds, prices continue to rise.
A young first-time buyer pushed the price to A$4.1 million and then stepped out of competition. However, the story does not end there. The young man's father took over the bidding plaque and continued to participate in the bidding.
End, the property at 15 Amaroo Avenue was sold for $4.235 million, an additional $135,000 higher than the final bid of the young buyer.
Norman So, sales agent of Belle Property Strathfield, expressed his opinions on the auction results.
He said: "In Strathfield, the land I sold is usually around AUD 4 million. Therefore, it is a rare opportunity to buy land and modern homes for a price of slightly more than 4 million."
(Photo source: Sydney Morning Herald)
Norman So also noticed recent changes in the market: "The number of buyers participating in the auction has increased significantly, and after the interest rate has been lowered, the number of buyers inquiries has also increased significantly."
There is a warm story behind this auction. The seller plans to move back to St Ives where they were previously living, while the buyer is a newly married first-time home buyer whose parents live in Strathfield and pay them a down payment.
It is worth mentioning that this property changed hands at a price of AU$3.421 million in 2021, and it has increased significantly in four years.
This week, Sydney plans to conduct 877 room shootings.
As of last Saturday night, the Domain Group recorded an initial liquidation rate of 65.4%, based on 564 reports, while 118 auctions were withdrawn.
