The following article was published by Domain about Clarence White of Menck White Auctioneers recent auction in Lilyfield:
The two-bedroom deceased estate in Lilyfield was one of 515 properties scheduled for auction across Greater Sydney for the fourth Saturday of online auctions in the city-wide lockdown.
By evening, Domain Group recorded a preliminary clearance rate of 72.0 per cent from 404 reported results while 97 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Bidding for the tightly-held home at 197 Lilyfield Road got underway quickly, opening at $1.4 million and jumped to $1.6 million on the second bid – passing the $1.45 million reserve.
It rose in $25,000 and $20,000 jumps, then bidding dropped to mostly $10,000 increases for the rest of the auction, as five of the 14 registered bidders made offers.
The 183-square-metre block sold through Dib Chidiac for $1,825,000, with a young builder walking away with the keys. All interested parties had been looking to extensively renovate or rebuild on the block, which records show last traded for £1720 in 1954.
The proceeds from the sale will fund research at the Royal Prince Alfred Hospital, The Victor Chang Cardiac Research Institute, and support Royal Guide Dogs Australia.
Mr Chidiac said a limited supply of new homes coming to market amid the lockdown meant there was strong competition for those going under the hammer.
“A lot of properties can’t hit the market because construction is on hold; they can’t style properties,” he said.
Then there were the vendors who were ready to sell but postponed their plans due to lockdown, and the ban on public auctions and open homes, said auctioneer Clarence White.
“That’s tightened stock a bit, and as a result, we’re getting a massive number of registrations,” he said. “We’ve got more people competing on homes right now during online auctions than we had in February at the absolute height of the market … the buyers are clearly not scared; they’re diving in.”
