Strong ‘surprising’ results at auction as rate hikes start to bite

Buyers remain firm and continue to bid at high prices despite an interest rate hike earlier in the week.

A four-bedroom house in Sydney’s Inner West has sold for $300,000 above the buyer’s guide.

Listed for $1.5 million, 20 Henry Ave at Ultimo attracted seven registered bidders with five actively bidding.

Matthew Carvalho and Bianca Field of Ray White Surry Hills have sold the property, with Mr Carvalho encouraged by the result.

This Ultimo property sold for $1.84 million

This Ultimo property sold for $1.84 million


“I was surprised by the open house activity today considering it’s the weekend after a rate hike,” Carvalho said.

“The previous weekends, after an increase, it was calm.”

The successful buyer was from Brisbane but has children going to boarding school in Sydney. The buyer was looking for accommodation in town to be closer to his children.

The three-level terrace included a home office, kitchen, oversized bedrooms, bathrooms and a central stairwell.

The successful buyer was looking to move from Brisbane.

The successful buyer was looking to move from Brisbane.


The location was also a major selling point for the property, being close to local parks, shops, cafes and a short journey to the harbor and surrounding CBD.

Mr Carvalho said the sellers of the property were a couple who owned the house as an investment.

“Before today, four buyers indicated they were coming to the auction, and then three people signed up after seeing the house for the first time today – one of those bidders went so far as to $1.7 million”

As supply in the Inner West dwindles, buyers are willing to pay more to secure property.

As supply in the Inner West dwindles, buyers are willing to pay more to secure property.


“There has been a reduction in supply in this area, so buyers are probably starting to feel like there isn’t as much choice as there used to be and they need to keep going.”

“There is always an increase in supply in the spring, but this year I think it will not be at the same level as the last two years.”

Elsewhere in town, a four-bedroom, one-bathroom home in Carlton has sold for the first time in 64 years.

The property at 38 Botany St presented buyers with a large block of land offering two street frontages in a highly desirable location.

Eight bidders took turns increasing their bids for the property, ultimately selling for $1.46 million.

That was $35,000 above the reserve price of $1.425 million.
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