More than 20 bidders compete for $2.36 million Stanmore house

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Key points

  • There were 551 Sydney homes scheduled for auction on Saturday.
  • A knockdown in North Bondi sold for $7,705,000.
  • A Russell Lea house was passed in at auction on a bid of $3.8 million.

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A three-bedroom Stanmore house has sold for $2,363,000 at a competitive auction that drew 23 registered bidders on Saturday.

Almost 100 people gathered onto the pavement for the auction of 131 Corunna Road, which was brought forward by one week due to strong buyer demand.

It was one of 551 Sydney homes scheduled for auction on Saturday.

Bidding on the 223-square-metre block – beneath a flight path and three doors down from a heritage-listed sewer vent – was quick to start and opened at $1.75 million.

About another 50 bids were made from there, as nine of the parties competed for the home, pushing the price past the $2.1 million reserve. The home sold to a Homebush buyer, who outbid a local couple.

“People are not paying prices based on value, they are paying prices on what it costs to exit the market and continue with their life.”

Selling agent Aris Dendrinos, of Richardson & Wrench Marrickville, said the result and strong buyer interest had exceeded his expectations and was being driven by low stock levels.

“It was a case of right house, right time and no competition,” he said.

Dendrinos initially marketed the property with a $1.75 million price guide, based on recent comparable sales, but removed the guide after he was inundated with interest. He felt he would be unable to provide an accurate guide even if he increased the estimate.

“The market is out of control, I’ve [been selling residential real estate for 27 years] and I don’t know what anything is worth [right now] … there’s no way I would have guided near what we got today,” he said.

Auctioneer Karen Harvey in action at 131 Corunna Road, Stanmore.Credit: Dion Georgopoulos

“People are not paying prices based on value, they are paying prices on what it costs to exit the market and continue with their life.”

Dendrinos said buyers were frustrated by the lack of homes for sale.

“They just don’t have enough to look at, so people have to get creative, and be more open-minded about where they’re wanting to go.”

The property last sold just over ten years ago for $1.17 million, records show.

The Stanmore property attracted 23 registered bidders.Credit: Dion Georgopoulos

In North Bondi, an original-condition four-bedroom house sold for $7,705,000 – more than 50 times the $145,000 that records show it last traded hands for in 1983.

Six buyers – all looking to rebuild on the 477-square-metre block – registered to bid on the deceased estate at 73 Hastings Parade.

The bidding opened at $6 million, but not before Ray White auctioneer James Keenan had to knock back a cheeky attempt to start it at $4 million – well below the $7 million price guide.

From there it climbed in $100,000 jumps, before slowing to smaller increments, said selling agent Warren Ginsberg of Ray White Double Bay. Four buyers made offers and the property was called on the market at $7.2 million.

The property sold to a local buyer, who plans to build a new home on the block. Ginsberg said all the interested buyers already owned homes on the surrounding streets.

“All the buyers either lived on the street or within one kilometre,” he said.

“The location is what drew everyone in … the proximity to the beach is perfect, and it’s a good-sized block.”

In Russell Lea, another tightly-held home was passed in at $3.8 million, despite drawing eight registered bidders.

The red brick four-bedroom house at 75 Byrne Avenue was on the market for the first time in almost 60 years.

The auction opened with an offer of $3.2 million, and four parties competed, pushing the price past the $3.5 million price guide, before the bidding stalled at $3.8 million and the home was passed in.

Ray White’s Drummoyne’s Mario Carbone was still negotiating with several interested bidders on Saturday afternoon, and expected the 455-square-metre block to sell by the end of the day.

“I was pretty surprised that it didn’t get done under the hammer, but sometimes people get shy,” he said.

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