Sydney Auctions: Cottage on the lower north coast sold for $ 570,000 over the reserve after strong competition from late bidders

The auction for a small cottage in northern Sydney was slowing down when a late registration from a man who first saw the house while others were bidding threw a key in motion.

Sydney’s Lower North Shore was a magnet for high-spending buyers on what was yet another “super Saturday” in the auction market.

Nearly 750 homes went under the hammer across the city, but it was houses in tightly held inner pockets that brought out the biggest fireworks.

A cottage in Greenwich was sold for nearly $ 3.9 million after attracting seven bidders.

The price was more than $ 550,000 above the reserve and a surprise for sales agent Bernadette Hayes of Harbourline Real Estate, who revealed $ 3.5 million would have been an “excellent” price.

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Auctioneer Chris Scerri, director of Scerri Auctions, said the price of the Greenwich Rd house was likely to be pushed up by a late bid.

The man signed up midway through the auction after seeing the house for the first time while others bid.

“It had started to go slower by about $ 3.5 million, but then it increased when he came in,” Scerri said, adding that the new bidder ended up failing but made the buyer work hard for the keys. .

“The buyer had some intentions. He wanted to buy it no matter what, but he had to make his bids much bigger to (win),” Mr Scerri said. “It was a very high price.”

Ms Hayes said it was becoming common for bidders to sign up midway through the auctions – often for properties they had not seen before bidding started.

“There’s just a lot of money going around,” she said.

Another Greenwich house, a California bungalow overlooking the city and the water, was sold for $ 900,000 above the seller’s already high reserve price. The owners of the five-bedroom house on Mitchell St set their reserve at $ 6.35 million, but got $ 7.25 million under the hammer.

Eight buyer groups signed up for the auction with sales agent Nicole Robertson from BresicWhitney. Most of the bidders were families.

“They were from all over Sydney,” she said. “We knew it would sell well, but this was quite unexpected … the sellers are excited.”

Ms Robertson said the sellers had owned the house for 35 years and were reducing it to a unit. The buyers were a family.

Seven of the registered parties submitted a bid with auctioneer Thomas McGlynn.

Robertson said the home held a rare high position.

WITH AIDAN DEVINE

Originally published as Sydney Auctions: Cottage on the lower north coast sold for $ 570,000 over the reserve after strong competition from late bidders

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