A pair of property flippers resold a three-bedroom home in northern Sydney for $1.903 million at auction on Saturday, less than a year after buying it for $1.28 million.
The young couple – who snatched the keys to 15A Bolta Place, Cromer, in October last year – spruced up a handful of features before reselling the tidy family abode less than 12 months later.
The home was one of 354 properties across Sydney to sell under the hammer on Saturday. Nine virtual bidders furiously battled it out for the Cromer property before an owner-occupier laid out the final bid to kill the competition.
“It was a huge result … and now these guys [the vendors] are planning to do another project for themselves with a bigger block because they just wanted to take advantage of the market,” co-selling agent Gavin Daly of McGrath Manly said. “In fact, that was their plan [when they bought it in October].
“I don’t know if they realised it would go off so quickly in a short amount of time, but this was their first [property flip], so it’s a great start.
“In terms of the renovations, they did the bathrooms and laundry and the floors a bit, and outdoor decking. One of the owners, Callum Rogers, he’s actually a builder with Olympus Building Services, and he did it himself.”
Although the home’s low-maintenance design and access to key infrastructure sparked a flood of buyer inquiries throughout the auction campaign, Mr Daly said the city’s lack of stock further fuelled the fierce competition.
But amid reports of new listings leading up to the spring selling season, Mr Daly felt the incredible market velocity could soon slow, and with it the rocketing prices.
“We have seen more properties come to the market in the past week or two, so it feels like prices may flatten a bit.”
In the inner west, a one-bedroom unit sold for $925,000 after 18 registered bidders pushed the price $225,000 over the reserve.
Despite its 50-square-metre floor plan, the unit – at 1/14 Denning Road, Petersham – boasted a million-dollar location, co-selling agent Ercan Ersan of Ray White Surry Hills said, and a Coffs Harbour investor succeeded against a pool of mainly first-home buyers.
“I believe this is a new price record for a one-bedroom apartment in Petersham … and I think we had so much buyer interest because it’s on a really quiet street that only the locals use, and it’s an art deco block of only four,” Mr Ersan said.
“As for the owners, they had been there for about 10 years … but it was quite surreal for them because it was their first-ever property and he was quite emotionally attached – so that price did make the move a bit easier.”
Across Sydney, 423 homes sold from 569, resulting in an 84 per cent clearance rate and a median sale price of just over $1.46 million.
In Melbourne, a clearance rate of 67 per cent was collected after 130 homes sold under the hammer for a median price of $940,000. Agents reported a jump in buyer activity as a result of eased lockdown restrictions that now allow for private inspections.
Despite the reprieve, Ray White Blackburn principal Peter Schenck said many buyers continued to snap up homes sight unseen over the weekend, which included a chic cottage at 34 Selkirk Avenue, Wantirna, that fetched a reserve-busting sum on Saturday.
“This was the first online auction I’ve done where 95 per cent of the people who registered had never physically seen the home, and we had 15 registered bidders,” Mr Schenck said.
“So, while I could have individual appointments under the new rules, only a handful that saw it, and then it sold for $1,135,000, which was well above what the vendor and I thought it would sell for. In fact, it was about $150,000 above the reserve.
“To be honest, the ease of restrictions made no difference because the top three bidders had the opportunity to be able to look through the property, but they didn’t. If you have quality videos and virtual walk-throughs [it’s often enough] and even though we’re allowed to do appointments now, people are still homeschooling and working from home.”
The four-bedroom, two-bathroom home last sold for $420,000 11 years ago. The sellers, who run a kitchen company, completed an exemplary kitchen renovation that proved to be a big hit with home hunters, Mr Schenck said.
“The vendors are very happy, and the buyers – a local family – were over the moon as they’d been looking for some time.”
Over at 30 Seaview Crescent, Mulgrave, a three-bedroom townhouse also sold under the virtual hammer for a reserve-breaking price after a first-home buyer clinched the deal with a $500 bid.
The buyer, who competed against 15 other registered bidders, six of them active, forked out $904,500 for the tidy abode, which was well above the price guide of $780,000 to $850,000.
Ray White Oakleigh selling agent Leigh Kelepouris said as private inspections were now allowed across Melbourne, agents on their end had been run off their feet. His agency alone had arranged 90 private inspections for their listed properties.
“There have been a couple of properties that are more popular – they’re family homes – with people making their forever purchase,” Mr Kelepouris said.
“But there have been good numbers at townhouses and even in apartments. Where we would normally have one inspection, there have been five.”
In Brisbane, the city’s property market collected an 82 per cent clearance rate after 51 homes sold for a median sale price of $945,000.
Of the homes that transacted, a sprawling 5354-square-metre estate at 202 Chapel Hill Road, Chapel Hill, fetched the top result of the day after a local family paid $3,205,000 to claim the keys.
Selling agent Jack Dixon of Dixon Estate Agents said the prestigious pocket was one of the closest suburbs to the CBD that offered acreage, and homes were incredibly tightly held as a result.
“We had 14 registered bidders for this one, and it started at $2 million and went to $2.9 million very quickly,” Mr Dixon said. “Then three buyers fought it out to the end.
“I think the fact the home was on two lots and gave buyers that flexibility made it so sought after … and we had different pools of buyers as well, including a few interstate buyers bidding online.”
Mr Dixon said the vendors, who had lived there for well over two decades, were thrilled to see their beloved abode passed on to another family.
Over at 17 Perihelion Street, Coorparoo, a grand old five-bedroom house on a 1190-square-metre lot fetched $2,003,000 after six registered bidders stepped up for what was a “spontaneous and dynamic auction”.
Co-selling agent Hamish Bowman of Ray White New Farm said: “We initially had four bidders, but two rolled up mid-auction, and they hadn’t actually seen it before.
“And the buyer was just looking for a large block of land in a good suburb, so he’ll probably land bank it or rent it out for a while.
“The buyer profiles were all predominately locals, and they were keen on the school catchment … and the sellers, they had been there for a full generation, and they bought a house in Teneriffe to downsize into.”
Although the prized property was always going to be popular with buyers, Mr Bowman said, the result was indicative of the city’s strong market, which has been tipped to “run hard” until the end of the year.
“We had 30,000 people coming into Queensland last financial year so that together with all the infrastructure [in the works] and we’re looking at a great period – nothing is going to stop us.”
This story first appeared at Domain.com.au.
This article is from Australian Financial Review, please click the following link for the original article: https://www.afr.com/property/residential/young-couple-flip-townhouse-for-600-000-gain-in-less-than-a-year-20210922-p58toj