“It’s a massive result for a fact that it was a knock down rebuild on a block that didn’t allow a duplex, that’s massive money,” Garofolo said.
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He said there were not many cheaper alternatives for buyers who want to own a house in this pocket of Sydney.
“There’s not a lot of stock like that at the moment. A lot of [land in Ryde] is a duplex site. If you can have the land to yourself at that price, that’s good buying,” he said. “What’s the alternative? There’s not a cheaper option at the moment.”
It sold through James Sarzano of Stone Real Estate North Ryde.
The median house price in North Ryde rose 6 per cent in the year to March to $2,332,500 on Domain data.
In Belfield, a young family upgrading within the suburb paid $1.74 million for their forever home, outbidding half a dozen others.
The three-bedroom bungalow at 27 Scott Street had a price guide of $1.5 million. Bidding opened at $1.35 million and rose in varying increments thanks to four buyers, all young families hoping to make it in their long-term home. The reserve was $1.6 million.
It sold through Ray White Concord and Five Dock’s Rick Pignetti and Christian Leung.
The result was beyond the agents and seller’s expectations, Leung said.
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“That was a very strong result, we weren’t anticipating that. That was well beyond anyone’s expectations,” he said, given that high interest rates were still a point of discussion among most buyers.
“The number of buyers coming through open homes are lower. People who are trying to buy property they’re a bit more cautious … they don’t want to go their complete max [sic] just in case rates go up again.”
But he noted homes did sell well in a competitive environment when buyers could see social proof of a home’s value.
Belfield’s median house price rose 6.3 per cent to $1.7 million in the year to March.
In Hurstville, a four-bedroom house at 27 Edith Street sold for $1,815,000 after four bids.
The property was guided at $1.75 million and drew just two Hurstville buyers – an investor and two brothers, who ended up walking away with the keys.
LJ Hooker Hurstville’s Gengis Kokden said it was a good result that the sellers were happy with.
“We were expecting a bit more than that, but the vendors were happy,” Kokden said. “If you give an honest guide of what the vendors are expecting and what the property’s worth then you’re going to attract buyers at that price range.”
The home last sold for $155,000 in 1992, records show.