The northern district has proved its resilience in a slow market to beat Sydney’s auction clearance rate for the third consecutive weekend.
On Saturday, the area managed a 71.43 per cent clearance rate while Sydney lagged behind on 61.81 per cent.
A property at 30 Stewart St, Eastwood, would have to rate as one of the biggest success stories.
In the same family for more than 30 years, it sold for $1.988 million — $238,000 above a $1.75 million reserve.
“It goes against everything else that is happening in the market,” Allison Mifsud from First National Epping Central said of the impressive result. “It was like being back in 2017.”
There are good reasons for the property’s popularity with buyers.
The three-bedroom red-brick house is highset on a level 860sqm block with a 21 metre frontage and no easements.
It is in a pleasant street, a six-minute walk to Eastwood Public School and 15 minutes to the station.
Although buyers made pre-auction offers of $1.67-$1.7 million, Ms Mifsud said the high number of inspections and inquiries indicated that an auction would offer the best outcome for the vendors.
“I could feel we had good interest with 20 to 25 groups at each open inspection,” she said.
Most of the buyers weren’t interested in the well-maintained house, she said.
They were after the land, which could accommodate a new house or duplex development.
On auction day, 10 parties registered to bid while six participated.
“It was fast and furious,” Ms Mifsud said.
“The bidding kept going to well over the reserve, with developers pulling out because they thought they would end up paying too much.”
The new owners are a family from Eastwood.
Ms Mifsud said she wasn’t sure of their plans but they would definitely end up demolishing the house for either a new house or duplex.
Their parents bid on their behalf to clinch the 613sqm property for $1,545,5000 — $95,500 above the reserve of $1.45 million.
They outbid seven other bidders for the house that backs onto Peel Park and happens to be a stroll to their home opposite the park.
Agent Michael Gallina from Belle Property — Hunters Hill said Gladesville properties around that price guide were selling to young buyers who were often upsizing from strata living.