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Bidding War Drives Up Prices

Sunday, 19th April 2015

A Day at the Auctions with One of the Best

Charles Baynie is one of Australia's leading auctioneers.

I asked Charles if I could tag along to his apartment auctions yesterday, most of which were at Epping and surrounding areas.  This is the hottest area of Sydney where the wealthy Chinese are on a buying spree.

Where a good auctioneer will put on a show, a great auctioneer will secure every last dollar for the vendor.  And that is exactly what happened yesterday.

A great auctioneer is an essential part of the selling team.  With every property I have sold in all areas of Sydney, I always ask who the auctioneer will be.  Before I choose the selling agent, I go to an auction conducted by the auctioneer and invariably I will balance my decision on the selling agent on the performance of the auctioneer.

Charles is a preferred auctioneer for NNW property at Epping.  Kate Seehusen is one of the highest performing agents in the Epping area.  Every property Kate marketed and Charles auctioned, sold yesterday.  The determination of Chinese buyers to secure property in their preferred area saw all properties far exceed their reserves.  They included:

  • A three bedroom, two bathroom apartment at 6/10 Edensor Street, Epping.  A top floor walk-up that was expected to sell over $620,000.  It sold for $761,000.
  • A two-bedroom top floor walk-up at 8/28 Bridge Street, Epping.  It was expected to sell in excess of $700,00. It sold for $802,000.
  • A two-bedroom, one bathroom apartment at 76/192 Vimiera Road, Marsfield. It was expected to sell in excess of $590,000. It sold for $720,000.
  • A four-bedroom duplex at 2/17 Pinner Close, North Epping. It was expected to sell in excess of $850,000. It sold for $1.090 million.

And like all auctions anywhere in Sydney, there were frustrated first homebuyers.

“The media is always saying that Chinese buyers are making buying in the current Sydney market impossible for Australians,” Mandy Lee said yesterday at the Edensor Street auction. 

“Wealthy Chinese investors are making it impossible for Chinese first homebuyers as well.  We are just as frustrated.

“There is a huge Chinese community in this area and we all want to be close to our families but it is almost impossible to buy here. 

“It is impossible to compete with Chinese investment money.  They have very deep pockets and they are in the position to smash first homebuyers, with a strict budget, out of the market.”

I have been in property a very long time and I was amazed at the prices property fetched yesterday.  This is the hottest I have ever seen the property market and that sizzle for now, is here to stay. 

By Cindy Martin

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