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type="application/ld+json">{"@context":"http://schema.org","@type":"NewsArticle","author":{"@type":"Person","name":"Kristy Johnson"},"dateModified":"2024-11-16T06:00:16+00:00","datePublished":"2024-11-16T06:00:16+00:00","description":"Four downsizers from the suburb and surrounds registered to bid on the two-bedroom, two-bathroom home that last sold for $570,000 less than two decades ago.","headline":"Eastwood villa sells for $1.66 million, almost tripling since 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data-testid="category"><a title="News" href="/property/news">News</a></li><li class="_1pMb9" data-testid="tag-name"><a title="Auctions" href="/topic/auctions-1nq1">Auctions</a></li></ul><script type="application/ld+json">{"@context":"http://schema.org","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"item":{"@id":"https://www.watoday.com.au/property","name":"Property"}},{"@type":"ListItem","position":2,"item":{"@id":"https://www.watoday.com.au/property/news","name":"News"}},{"@type":"ListItem","position":3,"item":{"@id":"https://www.watoday.com.au/topic/auctions-1nq1","name":"Auctions"}}]}</script></div><h1 data-testid="headline" itemProp="headline">Eastwood villa sells for $1.66 million, almost tripling since 2007</h1></div></div></header><section class="_3OhA4"><div class="_2h56q _2bGxr"><div class="_3J1te"><h5 class="_3-xPQ"><span class="_3pGt1">By </span><span><span data-testid="byline"><a href="/by/kristy-johnson-p537mc" title="Articles by Kristy Johnson">Kristy Johnson</a></span></span></h5><div class="_3xKNx"><span class="_1IjU5">Updated</span> <span class="_2xetH"><time class="_2_zR-" data-testid="datetime" dateTime="2024-11-16T14:00:16+08:00">November 16, 2024 — 2.00pm</time></span><span class="_2tV7D" hidden="">first published <!-- -->at <time class="_2_zR-" data-testid="datetime" dateTime="2024-11-16T11:07:36+08:00">11.07am</time></span></div></div></div><div class="_2CSKo noPrint"><div class="_1KqZ_"><div class="hLTvJ"><button aria-checked="false" aria-describedby="saveTooltip" aria-label="Save article to read later" class="_31ZN0" role="switch" type="button"><svg aria-hidden="true" class="QMY9O _11R7m" focusable="false" height="1em" width="1em"><use xlink:href="#icon-save"></use></svg><span class="_3-fU6">Save</span></button><div aria-hidden="true" class="_1lwFz uXbxr" id="saveTooltip" role="tooltip"><button>Log in</button>,<!-- --> <a data-testid="login-register" href="https://watoday.myfairfax.com.au/channel/cWvEleexy48f-PI5-jlBnw/members/signups/new?callback_uri=">register</a> <!-- -->or <a href="https://subscribe.watoday.com.au/?promote_channel=HI_HL_GNL">subscribe</a> <!-- -->to save articles for later.</div><div><div aria-hidden="true" class="_1lwFz WUf_a _1pHo1" id="onboardingTooltip" role="tooltip"><h3>Save articles for later</h3><p>Add articles to your saved list and come back to them any time.</p><button class="_2YSi8 _17BTN _3_hLE" data-ffx-event-action="cta click" data-ffx-event-category="save onboarding" data-ffx-event-label="got it - part 1" data-ffx-hittype="event">Got it</button></div></div></div><div class="_2Cn91"><div class="_2KkCz"><button class="_30X7v _2-NUy" data-ffx-event-action="cta click" data-ffx-event-category="component" data-ffx-event-label="font size normal" data-ffx-event-value="0" data-ffx-hittype="event">Normal text size</button><button class="_3Rq_0" data-ffx-event-action="cta click" data-ffx-event-category="component" data-ffx-event-label="font size large" data-ffx-event-value="0" data-ffx-hittype="event">Larger text size</button><button class="_3VkdU" data-ffx-event-action="cta click" data-ffx-event-category="component" data-ffx-event-label="font size extra large" data-ffx-event-value="0" data-ffx-hittype="event">Very large text size</button></div></div></div></div></section><section class="_1Rw6X" data-testid="article-body-top"><aside class="_2GZaf"><section class="RbDEG _2iOEC"><div class="_1_1er"><h3>In numbers</h3><ul><li><span class="_1mkjf">980</span><span class="vrpkt"> - </span>The number of homes scheduled to go to auctions in Sydney on Saturday.</li><li><span class="_1mkjf">62%</span><span class="vrpkt"> - </span>Sydney’s preliminary clearance rate.</li><li><span class="_1mkjf">$2.2 million</span><span class="vrpkt"> - </span>The pass in price of a converted warehouse in Botany.</li><li><span class="_1mkjf">$1.6 million</span><span class="vrpkt"> - </span>The sale price of a Leichhardt semi-detached house.</li></ul></div></section><div class="vnWOX"><header><h2>Property listings</h2></header><div id="dg-recommended-listings"></div></div><div class="_1q-_I _3sCHz"><div class="container"><div class="adWrapper _2UMq- noPrint" data-testid="ad"><small class="_3ToRr">Advertisement</small><div class="" id="adspot-160x600_300x250_300x600-pos2-desktop"></div></div></div></div></aside><div class="_1ysFk" data-testid="article-body"><div><div class="_5JLqO"><div class="_1Ld7U" id="beyondwords-player"></div><div class="_3Fhwk" data-testid="showPlayerOverlay"></div></div><div class="_1665V _2q-Vk" data-testid="body-content"><p>An Eastwood villa sold at auction on Saturday to a downsizer from Marsfield for $1.66 million, some $230,000 above its reserve.</p><p>The two-bedroom, two-bathroom home at <a href="https://www.domain.com.au/2-163-north-road-eastwood-nsw-2122-2019580836">2/163 North Road</a> appealed to downsizers from Eastwood and surrounds. The property had a $1.38 million guide and a $1.43 million reserve.</p><p>The auction started at $1.3 million, and rose in $10,000 and $5000 increments as three of the four registered buyers placed bids in a fast-paced sell-off.</p><p>It was one of 980 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 62 per cent from 887 reported results across the week, while 181 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.</p></div><div class="_1lC_G"></div><div class="_1665V _2q-Vk" data-testid="body-content"><p>Stone Real Estate North Ryde’s James Sarzano said he was blown away by the result, putting it down to the lack of quality villas in the suburb.</p><p>“We got a three-bedroom price for a two-bedroom villa, it was insane. I was quite shocked at that price,” he said.</p><p>Eastwood’s median house price rose 3.8 per cent to $2,470,900 in the year to September on Domain data.</p><figure class="_3ujPS _3x3-4 RMwbY _2XZQH" data-testid="image"><div aria-label="enlarge image" class="_1lwW_" role="button" tabindex="0"><picture class=""><source media="(min-width: 1024px)" srcSet="https://static.ffx.io/images/$zoom_0.145%2C$multiply_0.9788%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_289/t_crop_custom/q_86%2Cf_auto/981f2739c184eeda088ffb61b95c091856a0c407, https://static.ffx.io/images/$zoom_0.145%2C$multiply_1.9577%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_289/t_crop_custom/q_62%2Cf_auto/981f2739c184eeda088ffb61b95c091856a0c407 2x" height="494" width="740"/><source media="(min-width: 768px)" srcSet="https://static.ffx.io/images/$zoom_0.145%2C$multiply_1.0159%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_289/t_crop_custom/q_86%2Cf_auto/981f2739c184eeda088ffb61b95c091856a0c407, https://static.ffx.io/images/$zoom_0.145%2C$multiply_2.0317%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_289/t_crop_custom/q_62%2Cf_auto/981f2739c184eeda088ffb61b95c091856a0c407 2x" height="512" width="768"/><img alt="Inside the Eastwood villa that sold for $1.66 million on Saturday." src="https://static.ffx.io/images/$zoom_0.145%2C$multiply_0.7725%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_289/t_crop_custom/q_86%2Cf_auto/981f2739c184eeda088ffb61b95c091856a0c407" height="390" width="584" srcSet="https://static.ffx.io/images/$zoom_0.145%2C$multiply_0.7725%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_289/t_crop_custom/q_86%2Cf_auto/981f2739c184eeda088ffb61b95c091856a0c407, https://static.ffx.io/images/$zoom_0.145%2C$multiply_1.545%2C$ratio_1.5%2C$width_756%2C$x_0%2C$y_289/t_crop_custom/q_62%2Cf_auto/981f2739c184eeda088ffb61b95c091856a0c407 2x"/></picture></div><figcaption class="_3CZmy"><p><span class="_2Li3P">Inside the Eastwood villa that sold for $1.66 million on Saturday.</span><cite class="ojLwA"><span class="_30ROC">Credit: </span>Dion Georgopoulos</cite></p></figcaption></figure><p>Sarzano said the villa price was a fantastic result amid what he described as a patchy market.</p></div></div></div></section><div class="_1FVfK"><div class="container"><div class="adWrapper _2UMq- noPrint" data-testid="ad"><small class="_3ToRr">Advertisement</small><div class="" id="adspot-728x90_970x250-pos99-desktop"></div></div></div></div><section class="vPaWe" data-testid="article-body-bottom"><div class="_1ysFk"><div><div class="_1665V _2q-Vk" data-testid="body-content"><p>“Good quality properties are always going to sell, but others struggle, whether it’s down to the price point or greater competition,” he said. “For example, there is an oversaturation of duplexes in Ryde and Eastwood that sellers have to compete with.”</p><p>The vendors inherited the property from their mother and decided it was the right time to sell. It last sold for $570,000 in 2007, records show.</p><p>In Botany, a one-bedroom, two-bathroom warehouse conversion passed in at auction for $2.2 million.</p><p>Four of the six bidders were active at the auction of <a href="https://www.domain.com.au/8-daphne-street-botany-nsw-2019-2019568812">8 Daphne Street</a> that was guided at $1.8 million.</p></div><div class="_1lC_G"></div><div class="_1665V _2q-Vk" data-testid="body-content"><p>The buyers, who came from Woollahra, Rose Bay, Surry Hills and Botany, intended to use the property as storage or transform it into their dream home.</p><p>The auction started at $1.85 million, rising in varying increments, before passing in at $2.2 million. The agent declined to reveal the reserve.</p><p>City Residential Property’s Kristian Nelson-Marshall said he expects the property to sell in coming days. The vendor used the property as an investment. It last sold for $1,141,000 in 2013, records show.</p><p>A semi-detached house in Leichhardt sold at auction to a first home buyer couple from Ryde for $1.6 million, some $100,000 below its reserve.</p></div><div class="_1lC_G"></div><div class="_1665V _2q-Vk" data-testid="body-content"><p>The couple, who plan to renovate, outbid a developer from Leichhardt for the two-bedroom, one-bathroom house at <a href="https://www.domain.com.au/43-allen-street-leichhardt-nsw-2040-2019577780">43 Allen Street</a>, which had a guide of $1.6 million and a reserve set at $1.7 million.</p><p>The auction started at $1.5 million and rose in $20,000 increments, with two of three registered parties active. When bidding paused at $1.56 million, negotiations began and the reserve was adjusted to $1.6 million to meet the market – the vendor, living abroad, had no intention to return.</p><p>The property was rented for $675 a week in August 2020, records show. It was one of 980 scheduled auctions in Sydney on Saturday.</p><div class="ymInT _3uJpn _3by58 noPrint"><span class="_2wzgv D5idv _3lVFK"><span class="_29Qt8"></span><span class="_3qqDc">Loading</span></span></div><p>Montano Group’s James Montano reported buyer fatigue in the lead-up to Christmas, but deals were still getting done between motivated vendors and buyers.</p></div><div class="_1lC_G"></div><div class="_1665V _2q-Vk" data-testid="body-content"><p>Montano expected fresh buyer energy in January and February, but predicted buyer fatigue would continue until interest rates came down.</p><p>“The longer it takes for these rates to come down, I think there’s going to be the same sentiment in the market in the first two quarters of 2025,” he said.</p><p>Co-agent John Cannizzaro agreed that there was buyer fatigue and said buyers were hesitant to secure properties, despite attending auctions.</p><p>In Oatlands, a villa at <a href="https://www.domain.com.au/14-6a-ingleby-street-oatlands-nsw-2117-2019589137">14/6A Ingleby Street</a> sold under the hammer for $1,102,000 to a first home buyer, from a rental apartment in Eastwood.</p></div><div class="_1lC_G"></div><div class="_1665V _2q-Vk" data-testid="body-content"><p>Four registered bidders pursued the three-bedroom, two-bathroom house with a $900,000 price guide. Its reserve was set at $970,000.</p><p>The successful buyer outbid another first home buyer from Epping and two downsizers, from Oatlands and Northmead.</p><p>A crowd of 40 watched the auction, which opened at $900,000.</p><div class="ymInT _3uJpn _3by58 noPrint"><span class="_2wzgv D5idv _3lVFK"><span class="_29Qt8"></span><span class="_3qqDc">Loading</span></span></div><p>Ray White Baulkham Hills’ Brandon Hay said the bidding was not as fast-paced as at auctions three months ago, but progressed quickly in $20,000 increments.</p></div><div class="_1lC_G"></div><div class="_1665V _2q-Vk" data-testid="body-content"><p>“Buyers still have money and are happy to spend it,” Hay said. “But they’re a bit more reluctant on properties they are looking to purchase.</p><p>“The market will stay consistent, even if there’s a rate cut, as there will be more stock on the market when they do come down, adding to buyer choice.”</p><p>The vendor had moved into a nursing home, with her son selling the property on her behalf. The home last sold for $257,500 in 1998, records show.</p></div></div><div class="noPrint"><div></div><div></div></div><div class="CBSIP"><div class="_1GjZU" id="dg-membership"></div></div><div id="embedded-feedback"></div><div class="_22FRK _2spQv"><section class="aKWhn noPrint" id="endOfArticle"><div class="dLGbc"><div class="hLTvJ"><button aria-checked="false" aria-describedby="saveTooltip" aria-label="Save article to read later" class="_31ZN0" role="switch" type="button"><svg aria-hidden="true" class="QMY9O _11R7m" focusable="false" height="1em" width="1em"><use xlink:href="#icon-save"></use></svg><span class="_3-fU6">Save</span></button><div aria-hidden="true" class="_1lwFz uXbxr" id="saveTooltip" role="tooltip"><button>Log in</button>,<!-- --> <a data-testid="login-register" href="https://watoday.myfairfax.com.au/channel/cWvEleexy48f-PI5-jlBnw/members/signups/new?callback_uri=">register</a> <!-- -->or <a 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downsizers from the suburb and surrounds registered to bid on the two-bedroom, two-bathroom home that last sold for $570,000 less than two decades ago.\",\"allowComments\":false,\"body\":\"<p>An Eastwood villa sold at auction on Saturday to a downsizer from Marsfield for $1.66 million, some $230,000 above its reserve.</p><p>The two-bedroom, two-bathroom home at <x-placeholder id=\\\"2bb038970fb66baf11d14fbfd268f182b993a97f\\\"></x-placeholder> appealed to downsizers from Eastwood and surrounds. The property had a $1.38 million guide and a $1.43 million reserve.</p><x-placeholder id=\\\"d09024f16440eeeb15a7fccd5b2f5cbc364228ff\\\"></x-placeholder><p>The auction started at $1.3 million, and rose in $10,000 and $5000 increments as three of the four registered buyers placed bids in a fast-paced sell-off.</p><p>It was one of 980 scheduled auctions in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 62 per cent from 887 reported results across the week, while 181 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.</p><p>Stone Real Estate North Ryde\\u2019s James Sarzano said he was blown away by the result, putting it down to the lack of quality villas in the suburb.</p><p>\\u201CWe got a three-bedroom price for a two-bedroom villa, it was insane. I was quite shocked at that price,\\u201D he said.</p><p>Eastwood\\u2019s median house price rose 3.8 per cent to $2,470,900 in the year to September on Domain data.</p><x-placeholder id=\\\"52f1659178f444cd56c594743a5dec9252c7d9ff\\\"></x-placeholder><p>Sarzano said the villa price was a fantastic result amid what he described as a patchy market.</p><p>\\u201CGood quality properties are always going to sell, but others struggle, whether it\\u2019s down to the price point or greater competition,\\u201D he said. \\u201CFor example, there is an oversaturation of duplexes in Ryde and Eastwood that sellers have to compete with.\\u201D</p><p>The vendors inherited the property from their mother and decided it was the right time to sell. It last sold for $570,000 in 2007, records show.</p><p>In Botany, a one-bedroom, two-bathroom warehouse conversion passed in at auction for $2.2 million.</p><x-placeholder id=\\\"e1f3231825f43ee3ed72df988808fd8239c0d6e6\\\"></x-placeholder><p>Four of the six bidders were active at the auction of <x-placeholder id=\\\"3c418fdfe28bccc369d008d9572fd708af0dded0\\\"></x-placeholder> that was guided at $1.8 million.</p><p>The buyers, who came from Woollahra, Rose Bay, Surry Hills and Botany, intended to use the property as storage or transform it into their dream home.</p><p>The auction started at $1.85 million, rising in varying increments, before passing in at $2.2 million. The agent declined to reveal the reserve.</p><p>City Residential Property\\u2019s Kristian Nelson-Marshall said he expects the property to sell in coming days. The vendor used the property as an investment. It last sold for $1,141,000 in 2013, records show.</p><x-placeholder id=\\\"65b4aefaed67fbbcf237fbf17b6ae97a011a46ce\\\"></x-placeholder><p>A semi-detached house in Leichhardt sold at auction to a first home buyer couple from Ryde for $1.6 million, some $100,000 below its reserve.</p><p>The couple, who plan to renovate, outbid a developer from Leichhardt for the two-bedroom, one-bathroom house at <x-placeholder id=\\\"d54193ea7758116bd44e432c9e0d5e3ba9300bf1\\\"></x-placeholder>, which had a guide of $1.6 million and a reserve set at $1.7 million.</p><p>The auction started at $1.5 million and rose in $20,000 increments, with two of three registered parties active. When bidding paused at $1.56 million, negotiations began and the reserve was adjusted to $1.6 million to meet the market \\u2013 the vendor, living abroad, had no intention to return.</p><p>The property was rented for $675 a week in August 2020, records show. It was one of 980 scheduled auctions in Sydney on Saturday.</p><x-placeholder id=\\\"b7eddc09950a9f67dc929326a3ee81cb0dc86baf\\\"></x-placeholder><p>Montano Group\\u2019s James Montano reported buyer fatigue in the lead-up to Christmas, but deals were still getting done between motivated vendors and buyers.</p><p>Montano expected fresh buyer energy in January and February, but predicted buyer fatigue would continue until interest rates came down.</p><p>\\u201CThe longer it takes for these rates to come down, I think there\\u2019s going to be the same sentiment in the market in the first two quarters of 2025,\\u201D he said.</p><p>Co-agent John Cannizzaro agreed that there was buyer fatigue and said buyers were hesitant to secure properties, despite attending auctions.</p><x-placeholder id=\\\"631e7e6719efaec322a6e0ce6d538de576cede47\\\"></x-placeholder><p>In Oatlands, a villa at <x-placeholder id=\\\"81a8b2c27c10db19e6726a0cb8403d157aaf1aec\\\"></x-placeholder> sold under the hammer for $1,102,000 to a first home buyer, from a rental apartment in Eastwood.</p><p>Four registered bidders pursued the three-bedroom, two-bathroom house with a $900,000 price guide. Its reserve was set at $970,000.</p><p>The successful buyer outbid another first home buyer from Epping and two downsizers, from Oatlands and Northmead.</p><p>A crowd of 40 watched the auction, which opened at $900,000.</p><x-placeholder id=\\\"fc7d8571bd9a58cd4e4aa65a331e77618c3894e7\\\"></x-placeholder><p>Ray White Baulkham Hills\\u2019 Brandon Hay said the bidding was not as fast-paced as at auctions three months ago, but progressed quickly in $20,000 increments.</p><p>\\u201CBuyers still have money and are happy to spend it,\\u201D Hay said. \\u201CBut they\\u2019re a bit more reluctant on properties they are looking to purchase.</p><p>\\u201CThe market will stay consistent, even if there\\u2019s a rate cut, as there will be more stock on the market when they do come down, adding to buyer choice.\\u201D</p><p>The vendor had moved into a nursing home, with her son selling the property on her behalf. 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