Sydney auctions: Breakfast Point mansion smashes reserve as market set for COVID-19 panic

Sydney auctions: Breakfast Point mansion smashes reserve as market set for COVID-19 panic nmprofetimg 1440
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Clearance rates have dropped in the inner west amid COVID-19 fears. Picture: AAP Image/Julian Andrews.

One of the largest houses in Breakfast Point has traded for $175,000 over the reserve in a pressure cooker auction that stunned the crowd.

The strong $3.175 million sale for 5 Emily St was one of the many amazing results that occurred across the inner west as sellers and buyers race to finalise deals as COVID-19 panic sets in.

The fallout from the coronavirus saw the inner west market take a hit over the weekend as the clearance rate dropped to 61.9 per cent.

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This was a decline of 16.5 per cent from the 78.4 per cent the previous weekend, according to auction data from CoreLogic.

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The reserve for 5 Emily St in Breakfast Point was smashed by $175,000.

Belle Property Strathfield principal Norman So said the auction for the Emily St house had a five bidders, with four taking party.

“Bidding opened at $2.75 million and quickly rose to the $3 million reserve where it became a two-horse race,” he said.

“Both the buyer and the underbidder came to the auction prepared to do anything to buy it.”

The successful buyer was a local from Breakfast Point who wanted to upgrade to a much larger home.

Mr So also clinched the non-penthouse apartment in Strathfield, with 6/27-29 Churchill Ave selling for $1.360 million.

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No. 6/27-29 Churchill Ave, Strathfield.

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Downsizers have paid $2.325 million for 14 Seymour St, Croydon Park.

“We had 10 bidders register on the day, which is incredible given all the fear about the virus at the moment,” he said.

Elsewhere in the inner west, a Croydon Park home being offered for the first time in 30 years has sold for $325,000 above its price guide at $2.325 million.

No. 14 Seymour St was snapped up by downsizers who edged out five other bidders on the day.

Rich and Oliva’s Matthew Nolan said it was a popular property due to its location and outstanding floor plan.

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A buyer has paid $200,000 above the price guide for 5/356 Victoria Pl, Drummoyne.

The highest reported sale in the inner west was the sale of a luxury three-bedroom apartment in Drummoyne that sold at auction for $4.2 million.

According to CoreLogic, the result was $200,000 above the price guide set on 5/356 Victoria Pl in Drummoyne by Ward Partners director Matthew Ward.

The apartment overlooking the Gladesville Bridge is larger than some inner west homes with 217sqm of internal space and a 159sqm outdoor space.

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