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An investor from North Kellyville paid $1,351,000 at auction on Saturday for a three-bedroom house with a pool in Riverstone, with plans to make it a rental.
The property at 15 Elizabeth Street was guided at $950,000 and the reserve was set at $1,090,000. There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
There were 22 registered bidders and 10 took part. Bidding opened quickly at $900,000 and rose in $50,000 increments until $1.2 million and then varied.
The property, which has a renovated kitchen and bathroom, undercover deck and backyard, was one of 586 scheduled to go to auction in Sydney this week.
Ray White Quakers Hill Tesolin Group’s Sam Yazdi said the buyer from North Kellyville has a young family and will rent out the property in its current state. He outbid developers, investors and first home buyers.
A three-bedroom house with a pool in Riverstone sold at auction on Saturday for $1,351,000.Credit: Domain
The vendor sold the property to help pay off their mortgage. Records show the property last sold for $1,145,000 in 2021.
Yazdi said the property’s appeal was its proximity to the Tallawong Metro station, other train stations, schools, and land size of 950 square metres. He said the possibility of another rate cut next week resulted in urgency to purchase.
“Buyers are paying attention to what the market is doing. They are definitely more serious now knowing another rate cut may be coming,” Yazdi said.
In Northwood, an owner-occupier from the Sutherland Shire paid $3,505,000 at auction to upsize to a four-bedroom house with an undercover deck and pool.
The single-level property at 27 Fleming Street was guided at $3 million which was also the reserve. LJ Hooker Lane Cove’s Kerrie Robertson said no buyers viewed the home as knockdown/rebuild potential but as “liveable with just cosmetic tweaks”.
There were six registered bidders and five took part. Bidding opened at $2.5 million and rose mainly in $5000 and $10,000 increments.
The buyer will live in the property and make a few improvements in time. He outbid local upsizing families.
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Robertson said the property’s appeal was its level land size of 850 square metres, its liveable condition and price point.
While there aren’t enough sales in Northwood over the past 12 months for Domain to obtain a median house price, she said most properties sell for around $5 million.
Records show the property last sold for $675,000 in 1994.
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