Auctioneer Chris Scerri at the virtual auction for a Ryde home. Picture: Julian Andrews
A late Ryde homeowner has used Sydney’s soaring home prices to help the greater good – the proceeds from his $1.87 million sale will be donated to charity.
The long-term resident, who recently passed away, stipulated in his will that he wanted his home to go to a good cause, with the Primrose Rd house located on a prime strip for developers. The executers of his estate wished his identity to remain private.
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A dozen bidders registered for the auction with selling agents Alex Macri and Philip Allison of Belle Property-Ryde.
The agents had initially expected a price around the $1.5 million to $1.6 million mark and the reserve was set at $1.5 million.
The proceeds of 24 Primrose Ave, Ryde were given to charity.
Auctioneer Chris Scerri, director of Scerri Auctions, received an opening bid of $1.4 million and said the giveaway was a “beautiful gesture” from the owners.
“This was a quality real estate offering,” he said. “There was huge potential for redevelopment.”
The price $370,000 over reserve was a sign of how difficult it was for buyers at the moment, Mr Scerri said.
“Not many vendors are coming onto the market and lots of buyers want to get something before the lockdown ends. The market is on fire.”
Mr Allison said the buyer had missed out on previous sales in the area and was prepared to bid high to secure the home.
“None of the people who actually bid were developers,” he said. “Most of the bidders wanted the home. There are not too many opportunities to get a house in Ryde for under $2 million any more.”
Mr Allison added that buyers were feeling the pinch from the low listings environment. “Normally there will be 15 to 25 homes for sale at any given time in Ryde. Now there are only four. It is really difficult for buyers,” he said. “In this case, the sale was going to charity so that at least made it much sweeter.”
The Ryde property was one of just under 350 auctions scheduled across Sydney this week. Many of the homes originally scheduled for auction this week sold prior.
Among the other standout sales was one of Drummoyne’s last remaining original waterfront homes – a dated brick house. It sold at auction for just over $7.57 million.
5 Burnell St, Drummoyne sold for over $7.5 million.
The home first hit the market with a guide of $6 million, which was later revised to over $6.5 million but, despite the higher price, there were still 15 bidders prepared to vie for the property.
Selling agent Chris Wilkins of Ray White-Drummoyne said the sellers were “ecstatic” with the price considering they had owned the home on Burnell St for more than 50 years.
“It was one of the only homes where you could do it up and add value,” he said. “Everything else in the area is modern housing … a few doors down, some of the houses are $15 million.”
With a position overlooking the water, Mr Wilkins said this stretch of Drummoyne was known in the areas as the “golden mile”.
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A massive listings drop has put buyers under pressure to bid more, but one auction delivered a result that’s been applauded as a “beautiful gesture”.
The post Sydney auctions: late Ryde homeowner applauded for generous auction move appeared first on realestate.com.au.
