This home on Sydney's lower north shore had aggressive bidding until the fall of the hammer. Catch all the action from Domain's live auction coverage.
Psychological warfare was played out in the backyard auction of a 1930s cottage in Naremburn on Sydney’s lower north shore on Saturday morning.
As often is the way, a determined opening bidder won the title deeds to the property after a game of tit-for-tat which saw the Naremburn local pay $485,000 over the reserve. His carefully crafted tactics were challenged to the end.
The auction was one of about 900 scheduled for the penultimate selling Saturday of the year. About 600 homes are due to be auctioned next weekend.
Worth the fight: Winning bidders Daniel and Debbie Dickson in the backyard of their new home at 73 Park Road, Naremburn. Photo: James Brickwood
By Saturday evening Domain Group had collected 625 auction results and put the clearance rate at 76.2 per cent.
“We had more strong summer results for Sydney’s auction market despite surging listings and with many more to come next weekend,” said Domain Group chief economist Andrew Wilson.
It’s sad what people have to pay now because it leaves out so many of the young who can’t afford these homes.Seller, Dorothy Bulford.
In the long, level backyard of 73 Park Road about 50 people gathered to watch the auction of the three-bedroom brick house across the road from Naremburn Park where the Under 11’s were already on the cricket pitch. Ten parties had registered to participate in the auction, with Daniel Dickson, who lives a few streets away with his wife, Debbie and sons Bailey, 7 and Jordan, 13, taking centre stage in the middle of the yard.
The brick cottage was built in the 1930s on a level 607 square metres opposite Naremburn Park. Photo: Deen Hameed
As auctioneer Sam Horwitz of AuctionWorks called for interest, Dickson surveyed his opponents. His opening bid of $2 million hit the reserve set by owners Dorothy Bulford and her brother Alan Bulford. It was their childhood home and the only home Ms Bulford had known. Selling agent Jimmy Psaltis of Forsyth Real Estate said the house had been in the Bulford family since it was built.
Bids started to flow in with Dickson eye-balling each cardholder with a searing gaze. Cardholder Number 11 should have known he wouldn’t make it to ownership. He had tried to register with card number eight. It had already been taken. He then requested 18 and finally 88 – all taken.
Confident bidding came from Amanda Segers of Amanda on My Side buyers’ agency. Segers planned to win the property for Wollstonecraft buyers Barry and Anna Grattan, both 35, who are looking for a family home in which to raise their baby son, Callum.
Auctioneer Sam Horwitz with Forsyth Real Estate agents in the backyard of 73 Park Road in Naremburn. Photo: James Brickwood
Segers enjoyed the competition until Cardholder 18 marched up the yard offering a confident $2.42 million bid at which stage, unlucky Number 11 bowed out.
At $2.45 million, after some parental advice and phone chatter, Cardholder 18 declared, “That’s it. I’m out.” Dickson tasted victory and warned Horwitz, “Don’t ask me for another bid.”
Segers laughed and jumped back into the ring upping the offer by $2000. The crowd had decided to back Dickson. Tit-for-tat bidding ensued until Dickson made a final offer of $2,485,000 and Segers, on behalf of the Grattans, conceded victory.
About 50 people gathered for the auctions at 73 Park Road in Naremburn. Photo: James Brickwood
Mr Grattan said he was not confident of finding a home too soon. The couple had been looking for two or three months. “The lack of stock is the problem,” said Mr Grattan. Segers however said she is 100 per cent confident she’ll find the young family a home. “It will take a bit of time in this market. It’s not slowing down,” said Segers. “We’re going into a tougher market next year.”
Daniel and Debbie Dickson were congratulated by the crowd and welcomed by neighbours. “We went a little above what we were expecting,” said Mr Dickson. “But you’d hate to miss out for $10,000 or $20,000.”
The couple intend to extend the house up and about 20 metres into the back yard where they’ll add a pool and a granny-flat for Daniel’s parents.
As children Dorothy and Alan Bulford played cricket in the backyard of their 1930s home 73 Park Road, Naremburn. Photo: Deen Hameed
Naremburn, with an auction clearance rate this year of 93 per cent, has shown a growth of 11.8 per cent so far this year with the median house price coming in at $2,037,500 according to Domain Group data. That is double the suburb’s 2009 median of $1,027,500.
The Bulfords have always known it’s a good spot, however they were amazed at the sale price. “We didn’t believe Jimmy when he gave us his guide,” said Ms Bulford. “It’s sad what people have to pay now because it leaves out so many of the young who can’t afford these homes.”