The home last traded for $550,000 in 2013, records show.
Surry Hills’ median unit price fell 1 percent to $950,000 in the year to June, according to Domain data.
The apartment was one of 614 Sydney houses scheduled to be auctioned on Saturday. Overnight, Domain Group posted a preliminary liquidation rate of 60 percent from 400 reported results, while 109 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the liquidation rate.
Next week’s expected cash rate increase was on most buyers’ minds for the first weekend of spring auctions, said Guido Scatizzi of BresicWhitney Darlinghurst, who was selling a three-bedroom unit at 801 /144-150 Liverpool Street, Darlinghurst.
Two buyers signed up to bid on the apartment, which sold for $2.4 million last year and was pegged at $2.5 million.
A supplier’s bid of $2.6 million was made after a below-guidance bid of $2.3 million started the auction.
But in a scenario similar to the Surry Hills auction, Scatizzi negotiated in the auction room between the highest bidder, a shrinking inner-west couple, and sellers to come up with a price in between.
Successful buyers also bid against themselves, increasing their offer from $2,605,000 to $2.7 million to meet the seller’s reduced reserve, which was initially $2.8 million.
“The sellers were realistic, he bought it last year for $2.4 million and he wanted to sell it today, so he knew the market,” Scatizzi said.
“We actually did well, in a declining market we made $300,000 more than we sold last year.”
Darlinghurst’s median unit price was flat at $1.1 million for the year through June.
Even the only bidders for a four-bedroom house at 29 Rothwell Circuit, Glenwood bid against themselves to close a deal.
The buyers opened the auction at $1.55 million before agreeing to raise their offer to $1.571 million, which the seller accepted. The initial reserve was $1.65 million.
Cooley auctioneer Michael Garofolo said sellers were able to gauge the state of the market at their own auction.
“See the market, know the market. They saw that there was a buyer who really wanted it. If they let that buyer walk, who else is coming on Monday? Who else would have bought it? It’s social proof.”
The house was sold through Hesh Rasitha of Mountview Real Estate. It last traded for $428,000 in 2002, records show.
The median home price in Glenwood grew 17.9 percent last year to $1.415 million.
In North Ryde, a builder’s home sold for $3.35 million to an inner-west family looking to expand into a multi-generational home.
Four parties registered to bid on 6 Marilyn Street and half made bids on the property. The reserve was $3.3 million.
McGrath Epping’s Wayne Vaughan believed buyers and “sellers are somewhere on the same page” now, adding that it was the busiest auction weekend he had seen in weeks.
The home last traded for $1.18 million in 2019. North Ryde’s median home price rose 27.1 percent last year to $2,303,000.