Century old cottage sells for over $4m as Sydney auction’s smash reserves

The first Winter weekend of auctions saw reserves smashed across Sydney.

A huge crowd turned out to watch the auction of a century-old Wahroonga cottage that was on the market for the first time in 100 years.

The early-1900s two-bedroom home at 12 Burns Rd had unsafe sections cordoned off by tape, but that didn’t stop it going under the hammer for just over $4m.

In the first few days of the marketing campaign, the deceased estate had more than 500 inquiries and ended with 11 registered bidders at Saturday’s auction.

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Auctioneer Scott Kennedy-Green told the crowd the property offered no boundaries with the right approvals.

There was a subtle warning it could be another 100 years until it came on the market again.

The starting bid was $3m, with the auction slowly creeping to $4m in increments of $100,000 down to $50,000 and $25,000.

It soon went from six active bidders to two, including a young family and man acting as agent for another buyer.

The final bid of just $5000 from the family saw the hammer drop at $4,016,000, more than $200,000 over reserve.

The home, in Wahroonga’s “Golden Triangle”, had been in the same family for 100 years and appealed to renovators as well as builders.

The house is not heritage-listed, but is in a conservation area.

McGrath agent Nick Muzha said he was thrilled with the result considering a “liveable” home two doors down sold for just under $4.1m a few weeks ago.

“It shows strength,” he said.

“It’s Wahroonga, in a conservation area, big block and north-facing.”

The auction was one many that exceeded reserve prices on the first Winter weekend of auctions.

A home in Penshurst smashed its reserve by $455,000 in a lively auction that had 50 bids.

Avenue Auctions director and auctioneer Andrew Cooley said there were 20 registered bidders vying for 34 Grove Ave, which went under the hammer for $1.855m.

“It was a huge result for the area; not since the boom have I seen so many registrations,” he said.

“The opening bid was $50,000 over reserve, which knocked half the buyers out.”

The home sold after just two weeks on the market to a couple keen to renovate.

Mr Cooley said it had the appeal of being within the McRaes Estate, which rarely had homes on the market.

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A home at St Johns Park fetched $300,000 over its reserve.

The four-bedroom home, marketed as the “ideal family home”, at 8 Broadmeadows St sold for $1.5m.

Cooley’s auctioneer Michael Garofolo said it was a big result for the area.

“It was strong bidding, even at the end with $20-$30,000 bids,” Mr Garofolo said.

PropTrack’s director of economic research, Cameron Kusher, said there were 626 auctions across Sydney this week, 17 per cent up from last year.

However, the start of winter means a decline in auction activity, with 477 auctions scheduled next week.

“This is to be expected as we head further into the typically quieter winter selling season,” Mr Kusher said.