A three-bedroom house in Gladesville became an unexpected battleground for buyers when it went under the hammer this morning.
The home at 14 Stanbury St attracted nine registered bidders, two of who became snared in a tense bidding war that drove up the price from an opening bid of $1.3 million to $1,545,500.
The final bid was $95,500 over the owners’ reserve of $1.45 million.
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The buyer was a middle-aged woman originally from China who faced stiff competition from a rival house hunter who entered the fray when bidding hit $1.46 million.
Both were determined to slug the auction out with small offers, mostly in increments of $500 to $2000. The buyer was particularly determined in this approach, countering every bid with an increase of just $500 in the hope of wearing her rival down.
Auctioneer Andrew Robinson of Belle Property said it was an unusual strategy, but the end result was a “great price” for the vendors.
“It was more than we were anticipating,” Mr Robinson said. “Ultimately, it was a great property and it was a good sized block.”
Sellers John Dymond and Jean Turner inherited the 613sqm property from their late aunt Dorothy Smith who passed away last year aged 97.
Mrs Smith bought the property in 1974 and lived there for 44 years. The land was once part of a dairy farm.
Selling agent Michael Gallina of Belle Property-Hunters Hill said the property was an ideal starter home and attracted lots of interest from young couples.
He added that homes in the sub-$2 million price bracket were still attracting strong interest from buyers in the Gladesville area.
CoreLogic research published earlier this week suggested the Stanbury St result was at odds with the rest of the Sydney market.
The figures showed the median price of a Harbour City home, which includes units, townhouses and detached dwellings, fell 1 per cent over the past month.
The fall followed a 1.3 per cent drop in the median over January, which pushed the total fall for the past quarter to 4.1 per cent.
A typical Sydney home now costs $789,339, well below the nearly $900,000 it was at the same time last year.
CoreLogic analyst Cameron Kusher said it was likely prices would continue to drop over the next few months.
Part of the reason was because fewer buyers could get the large mortgages needed to buy Sydney’s expensive homes given the current lending environment, he said.
Those buyers who did have adequate financing also had many homes to choose from, allowing them to negotiate prices. “There is still a lot of stock on the market,” Mr Kusher said.
Data from SQM Research estimated there were nearly 33,000 homes currently up for sale around Sydney — 22.3 per cent more than this time last year.
Listing numbers were also well up on those recorded when the market was booming during 2016. Back then, Sydney had less than 20,000 listings.