The months of hard work a Sydney builder put in to fix a fire-damaged terrace appeared all but in vain on Saturday when the property failed to sell under the hammer.
A complete overhaul of the two-bedroom Surry Hills terrace, which was badly damaged in a fire in early 2016, was not enough to get a buyer on board.
The home at 48 Little Riley Street was one of about 830 Sydney properties scheduled for auction on Saturday, as vendors rushed to sell before the end of autumn. By evening, Domain Group had collected 548 results to put the clearance rate at 75.9 per cent. The group's chief economist Andrew Wilson said the autumn auction market had ended with a solid result for sellers, but the market had cooled somewhat from record May listings.
Despite having a crowd of more than 30 people, auctioneer Jamie Thomas of Cooley Auctions was greeted with silence when he asked for an opening bid.
First-home buyer Fraser McKay eventually put his hand up with an offer of $1 million for the terrace, which sits on just 49-square metres. It was rejected by Mr Thomas who called for a bid of at least $1.2 million.
"But no one is bidding," Mr McKay protested. "Not yet," replied the auctioneer, before having to place a vendor bid of $1.25 million.
After that came a $1.26 million bid from Mr McKay. It went unchallenged from the one other registered bidder and the property passed in after failing to reach the $1.35 million reserve.
Mr McKay went into the terrace to negotiate with agent Christie Mortimer of Belle Property Surry Hills after the auction, but did not have any luck.
"It's a bit disappointing that they wouldn't sell it to me, seeing as I was the highest and only bidder," the 34-year-old said after the auction.
"[Going higher] wasn't feasible for me, I was like game over," he said. "[The price of property in Sydney] is ridiculous, isn't it?"
He had resumed negotiations for the property by Saturday afternoon, with Ms Mortimer confident the property would sell by Monday.
It probably was not the result vendor Patrick Monica had wanted for the home he bought for $911,000 in April 2016.
The site supervisor estimated he spent about $150,000 transforming the property, which had its second level and roof badly damaged in the blaze.
"Everything was pretty disgusting, but structurally everything was fine," he said. "I put in new walls, did the roof, got new lights, new plumbing and a new kitchen."
Though yet to see the result of the flip, Mr Monica has begun work on his third property.
Mr Thomas said auctions had been quieter in recent week and felt buyers had dropped off a little for the end of the Autumn auction season.
"A lot of auctions have been a lot tighter," he said. "We were expecting three registrations here, only two people showed up and only one bid."
"I had another auction today, a beautiful four-bedroom home ... and no one registered to bid."
It was a different story at the auction of a nearby tightly-held terrace at 609 Bourke Street, Surry Hills.
Bidding on the dilapidated four-bedroom property, sold through Williams Phillips of BresicWhitney Darlinghurst, opened bang on the reserve price of $1.85 million.
From there it went up in $50,000 and then $25,000 increments as three of four registered bidders battled for the property.
It sold under the hammer to a local couple for $2,175,000 - $325,000 above reserve. They plan to renovate the home before moving in.
Over in the inner-west, another home in need of serious work sold for $25,000 above reserve.
About 50 people gathered for the auction of 31 The Drive, Concord West, a deceased estate held within the one family for more than 70 years.
Bidding on the three-bedroom home with a heritage-protected facade started at $1.7 million. It went up in $50,000 and then $25,000 jumps as a local investor and young family from Rockdale vied for the home.
After just five bids, the hammer fell and the home sold for $1,925,000 to the family, who plan to transform the property into their dream home. The property sold through Maxx Mancuso of Ascott Real Estate.
Elsewhere in Sydney:
60 Newcastle Street Rose Bay. Photo: Supplied.
SOLD $6 million
Rose Bay
60 Newcastle Street
4 bedrooms, 3 bathrooms, 4 parking spaces
This Federation home on a level 1000-square-metre corner block sold for $1 million above reserve. About 100 people turned out to watch as six of 14 registered parties bid on the home held by the one family from 60 years. After an opening offer of $4.5 million, the bidding went up in $100,000 and $50,00 increments, quickly surpassing the $5 million reserve. It sold through Albert Sassoon, of Belle Property Double Bay.
27 Lenore Street, Russell Lea. Photo: Supplied.
SOLD $2.9 million
Russell Lea
27 Lenore Street
4 bedrooms, 3 bathrooms, 2 parking spaces
More than 100 people gathered for the auction of this 1920s Californian bungalow held by the one family for more than 25 years. Bidding opened at $2.6 million and went up in $100,000 and then $20,000 jumps as three of four registered bidders jousted to secure the home. It sold for the reserve price of $2.9 million through Fiona Hellams, of Ray White Drummoyne, to a young local family looking to upsize. ???
5 Lincoln Avenue, Castlecrag. Photo supplied.
SOLD $3,211,000
Castlecrag
???5 Lincoln Avenue
4 bedrooms, 2 bathrooms, 1 parking space
This extensively renovated home sold for more than double the $1.34 million records show it last traded for in 2010. Bidding started at $2.7 million and went up in $20,000 increments as two bidders went back and forth, dropping right down to $1000 jumps for the last 15 bids. It sold through John McManus of LJ Hooker Willoughby & Artarmon to a young family from Roseville.
12/16-18 Elizabeth Place Cronulla. Photo: Supplied.
SOLD $942,000
Cronulla
???12/16-18 Elizabeth Place
2 bedrooms, 1 bathroom, 1 parking space
Bidding on this two-bedroom apartment with ocean views opened at $700,000 and quickly went up in $50,000 bids as three of four registered bidders went back and forth. The bidding started slowing down to $10,000 jumps after passing the $850,000 mark. It was snapped up by a downsizer for $22,000 above the $920,000 reserve. It sold through Kim Hayes of Ray White Double Bay.
17 George Street, Bardwell Valley NSW 2207. Photo: Supplied.
17 George St
3 bedrooms, 1 bathroom, 1 parking space
A young first-home buyer couple priced out of the inner west snapped up this three-bedroom home sold through Alex Rorris of McGrath Brighton-Le-Sands. The auction kicked off with an opening bid of $900,000 and went up at a steady pace as all three registered bidders threw their hats in the ring. The property sold for more than six times the $155,000 records show it last traded for in 1993.
