Sydney auctions: North Ryde sellers ‘in tears’ after surprise result
A family who kept their North Ryde home for almost 60 years were seen crying tears of joy after the auction as the hammer fell almost $800,000 above their initial price guide.
The home on Schumack Street sold for $2.4 million and initially went on the market with a guide of $1.59 million.
More than 20 buyer groups registered to bid at the auction and a massive crowd attended.
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Sales agent John Grayson of BresicWhitney said buyer interest was so strong during the marketing campaign that the directory continued to rise.
“There were 66 groups at the first open house, so the guide raised $50,000 and then we raised it again after the second open house,” he said.
“Before the auction, we thought it could be close to $1.9 million … we never thought more than $2 million.”
It is understood the price was more than $400,000 above the seller’s reserve.
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The house was sold on behalf of the original owner who recently moved into a nursing home and left her children in charge of her estate.
The children, who grew up in the house, were visibly emotional after receiving an unexpectedly high price, Mr Grayson said.
It was also an emotional rollercoaster for the buyer, who had reportedly been looking for a home in the area for some time. She is planning a renovation.
“I think emotion got the better of many of the bidders. (The auction) just kept going,” Mr Grayson said.
The agent noted that bidding competition had increased across the Ryde region as little housing stock was available for sale.
There has also been strong developer interest in the area and blocks with potential to be converted into duplexes, such as the Schumack St property, have been hotly contested.
A larger block on nearby Michael St sold for just over $2.71m earlier in the day after 23 bidders registered for the auction.
It was about $231,000 above the reserve, which auctioneer Chris Scerri said was no small feat given that it appeared “ambitious” before the auction.
But Mr Scerri added that much had changed in the area in a short space of time due to growing demand from developers.
Belle Property agent Phil Allison, who had the Michael St listing, said developers were snapping up the area because it was close to numerous job centers and was a cheaper alternative to nearby areas such as Lane Cove.
“Developers are still buying, they’re just more selective with where they buy and North Ryde is seen as a safe (investment),” he said.
Low listing numbers have fueled increased buyer demand for the same properties, Mr Allison said.
“In 13 years of selling real estate in the area, I’ve only seen inventory levels this low once, and that was in the middle of foreclosure.”