Against the backdrop of soaring rental prices in Sydney, a four-bedroom home described as "nothing special" in the Miranda precinct attracted 16 registered bidders when it was first sold, and was finally auctioned by a Chinese migrant family living abroad for A$1.836 million (about 8.7918 million), which is also their first home in Australia.
According to British media on May 6, another client auctioned a two-bedroom unit in Bellevue Hill at auction on Saturday for a record-breaking $1.7115 million, a move that not only far exceeded the reserve price of $350,000, but also shocked sellers who have held the property for two decades.
The unit at 11 150 Bellevue Road attracted 10 bidders due to its proximity to the bustling coffee district of Double Bay, split equally between investors and owner-occupiers. Despite the increase in its list price guidance from $1.3 million to $1.35 million, market interest in the property remains high.
Sean Bosh, the PPD real estate agent in charge of the sale, expressed surprise at the result, as investors don't usually exceed the reserve price so much on a rental property.
"We didn't expect such prices at all, but the rental returns here are really impressive, and we've noticed that investors are reluctant to keep their money in the bank at the moment," he noted. ”
The auction is one of 744 auctions scheduled for Sydney on Saturday. Based on 476 reported results, the clearance rate reached 71.2 per cent, with a further 92 auctions withdrawn that were considered unsold properties for the purposes of calculating the clearance rate, according to preliminary statistics released by Domain Group in the evening.
Bosh also mentioned that the interior of the apartment is clean and has a great view, which attracts a large number of buyers. Bids started at $1.2 million and climbed rapidly, eventually enlisting a fierce battle between an investor and an owner-occupier buyer.
And in Hurstville, a father bought a five-bedroom, three-bathroom brick house at 166 Carrington Avenue for $2.76 million above the reserve price to help his daughter step up the property ladder. Although the sale process was complicated, as the original owner went bankrupt and became a tenant, the father's determination ultimately helped his daughter lock up the property.
A similar scene was played out in Epin, where a four-bedroom, two-bathroom single-storey brick house sold for $2.765 million, slightly above the reserve price.
From record-breaking apartment deals in Bellevue Hill, to the intergenerational support of families on display by Hurstville and Miranda, to the fierce bidding in Epping, Sydney's property market has been a vivid picture this weekend – with not only local but international buyers vying for a place in the city's most desirable areas.