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A developer paid $3,515,000 at auction on Saturday for two side-by-side properties in St Marys, and will “likely build townhouses for first home buyers in the future,” the agent said.
The single-level houses at 147 and 149 Canberra Street had no guide, but Ray White United Group’s Peter Diamantidis expected a sale of $3 million-plus. Interiors feature polished floorboards, ornate cornices, and eight bedrooms across the properties.
The reserve was set at $3 million. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
There were 10 registered bidders and six took part. Bidding opened at $3 million and rose in varying increments.
The property was one of 522 scheduled to go to auction in Sydney on Saturday.
A developer paid $3,515,000 at auction on Saturday for a dual property in St Marys, and is likely to build townhouses for first home buyers in the future.Credit: Domain
The buyer outbid investors and developers from all over Sydney. The site is zoned R3 Medium Density Residential, which allows for townhouses and other dwelling types, and is in proximity to the upcoming St Marys Metro station.
Diamantidis described the market as buoyant and said he had 104 sales last month. “This month is on track to be similar or higher.”
St Marys’ median house price rose 12.5 per cent to $809,750 in the year to June on Domain data.
In North Ryde, an owner-occupier from the Hills District paid $2,225,000 at auction for a modern duplex with a yard and undercover alfresco area.
The four-bedroom property at 33 Edmondson Street was guided at $2 million and the reserve was set at $2.15 million.
There were three registered bidders and two took part. Bidding opened at $2,030,500 and rose in varying increments.
The buyer will live in the property with his young family. He outbid an upsizer from a surrounding suburb.
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Stone Real Estate North Ryde’s James Sarzano said the property’s appeal was its modern build and proximity to public transport.
He has noticed more activity in the market following the Reserve Bank’s rate-cutting cycle this year.
“The sentiment is that rates will continue to drop and buyers want to get in now. Prices will most likely go up in spring given the amount of activity and results we’re having now,” he said.
Cooley auctioneer Michael Garofolo said he’s had a great winter with his July clearance rate at 80 per cent. “July has been the standout so far this year.”
North Ryde’s median house price rose 3.6 per cent to $2,537,500 in the year to June on Domain data.
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