However, buyers remained cautious and were bidding in smaller increments.
“Instead of being afraid of missing out, now there’s a fear of overpaying,” he said.
The large turnout at the auction showed that many people were watching the market closely, Lang added, and there was now more interest from buyers for property due to low stock levels.
The house was one of 612 Sydney properties scheduled to go up for auction on Saturday. Overnight, Domain Group posted a preliminary auction liquidation rate of 63.5 percent from 392 reported results, while 98 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the liquidation rate.
In Enmore, an iconic corner terrace with a rainbow façade and a Freddie Mercury mural on one side, sold shortly after the auction for $2 million.
The auction opened with a bid of $1.7 million, below the guide price of $1.8 million, and two of the parties bid, raising the price to $1.9 million, where it stalled. Negotiations followed, and the highest bidder upped his offer to $1.95 million, for which he passed on the house.
However, after the auction they raised their bid an additional $50,000 to meet the reserve and the property was sold.
The 158-square-meter block was traded through Urban Lane’s Chris Akkawi and records show it last sold for $670,000 in 2008.
In Centennial Park, a two-bedroom apartment left to a charity sold for $790,000, exceeding the reserve price by $60,000.
Three early homebuyers competed for the deceased’s estate in 62/77-83 Cook the road. Bidding started at $650,000 and mostly increased in $10,000 and $5,000 increments.
It was sold to a local buyer through Chris Cantarella of The Agency Eastern Suburbs, with all proceeds going to the Salvation Army.
Cantarella expected five bidders, but two withdrew at the last minute. A growing occurrence in the cooler market. She said there was still enough competition for it to sell for a good price.
In nearby Darlinghurst, a five-bedroom terrace divided into two separate residences passed with a bid of $3,750,000, despite two registered bidders, one of whom only saw the property in 75 Womerah Avenue for the first time on Friday.
Romany Brooks, of BresicWhitney Darlinghurst, was negotiating with interested parties after the auction and hoped to sell the exclusive terrace in a 3,500-square-foot block in the next few days.
The previously abandoned house last sold for $1,782,000 in 2011 and was transformed by the owner architects.
On the northern beaches, a four-bedroom house in 14 Parade of Horns, Manly Vale sold for $2.66 million, $160,000 above reserve.
A bid of $2.2 million came out of the auction and five of the six registered bidders competed on the 620 square meter block, raising the price well above the guide price of $2.4 million and the reserve price of $2, 5 million.
The decedent’s estate was sold through Gavin Daly, of McGrath Manly, to a family who were expanding at Acacia Gardens.
In Smithfield, an uninhabitable house with extensive termite damage, owned by the housing department, sold for $772,000.
internal inspections of Reserve Street 7 they were not allowed due to the state of the property, which was fenced, and the auction had to be held on the sidewalk.
Ten buyers, mostly builders, have signed up to bid on the 556-square-meter block. Bidding opened at $700,000, and four parties bid on the house, which was put on the market for $760,000.
The block was sold through Karen Beebar of LJ Hooker Greystanes to a local buyer who plans to build a new house on the site. Records show it was purchased by the department for $71,150 in 1985.