Three-bedroom lower north shore home sells for $2.39 million

A three-bedroom, freestanding home on Sydney’s lower north shore sold for $2.39 million at auction on Saturday, $40,000 above its $2.35 million reserve.

The classic redbrick house at 78 Burns Bay Road featured a level front yard and backyard, and was guided at $2.4 million.

Three buyers local to Lane Cove, all young upsizers living in either a unit or townhouse, competed from start to finish for the keys to the property, selling agent Jimmy Psaltis of Stone Real Estate Roseville Willoughby said.

Bidding opened at $2 million and rose in alternating increments of $50,000 and $10,000 to the $2.3 million mark between the three bidders. Smaller bids of $5000, $2000 and $1000 continued the battle between the three, each fighting until the end.

Psaltis said:“There were no investors interested, but I don’t think in any market there was going to be investors for this property.”

He also said that he expected developers would show up, but they didn’t.

“I think they’ve realised that it’s too risky to pay to buy a house, knock it down, rebuild, and then try to make a profit in this current market,” he said.

Auctioneer Edward Riley from the eponymous agency said: “While broader market sentiment may be subdued … smart buyers don’t wait for confidence to return, they act when opportunity presents itself.”

The vendor, who lived and raised her family there for more than 60 years, has moved to a nursing home, Psaltis said.

The property was one of 712 scheduled to go to auction in Sydney last week. By Saturday evening, Domain Group had recorded a preliminary auction clearance rate of 52 per cent from 428 reported results throughout the week, while 158 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.

In Padstow on Saturday, a brand-new duplex at 5A Wyreema Avenue sold for $10,000 above its auction reserve, for $1.81 million. It had a guide of $1.6 million.

More than 50 people watched as the two registered parties made offers in $50,000 and $25,000 bids. The buyer was overseas and bidding via the phone, while the underbidder was local to the suburb.

Selling agent Abir Eddine of Ray White Revesby said the market is “going smooth … We don’t see 10 registered bidders like before, but we’re still getting the job done.”

The vendor was a builder-developer. The site address for the duplex last traded for $1,537,000 in 2024, records show.

In Liverpool, a three-bedroom house with swimming pool at 84 Medley Avenue was snapped up by a neighbour for $1.05 million, a $50,000 adjustment down from its $1.1 million reserve.

Five bidders registered and three took part. Bidding opened at $950,000, and bids of $30,000, $20,000, $10,000 and $5000 went back and forth until the home sold under the hammer.

Selling agent Fahde Yousif of Elite Sydney Property said the guided range was based on buyer feedback of $925,000 to $950,000.

“Generally speaking, a lot of the buyers that are coming into Liverpool are more from the surrounding suburbs,” he said, as the suburb is comparatively more affordable.

The vendor is downsizing to Camden.

The home last traded for $79,950 in 1988, records show.

In Ramsgate Beach, a two-bedroom, ground floor unit at 1/65 Alfred Street sold for $25,000 above its $900,000 reserve for $925,000.

Guided at $850,000, the home attracted five registered bidders, all owner-occupiers.

Bidding opened at $800,000 and three took part: two were first home buyers, who missed out. The buyer was a young couple who will renovate and move in.

McGrath Sans Souci’s listing agent Trent Tarbey said: “Although there has been a slight pullback from investors, there is still enough buyer demand from first home buyers, which is keeping prices relatively steady in that part of the market.”

The unit last traded for $335,000 in 2004, records show.

AMP chief economist Dr Shane Oliver said Domain’s clearance rate of 52 per cent for Sydney was “another soft week”.

“I think investors are waiting for lower prices because, basically, the tax change has been that the after-tax return an investor will get will be less attractive than before,” he said.

Oliver added that “there may be some first home buyers that are taking advantage of the weaker market, but first home buyer demand is a relatively small part of the property market overall … it’s certainly not enough to support the property market on its own”.