Updated September 5, 2026 — 4:24pm,first published 1:15pm
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An inner west family paid $1,855,000 for an unrenovated terrace in Leichhardt on Saturday, fending off five other bidders and paying $355,000 over the reserve.
More than 50 people spilled onto the footpath and street for the auction of 21 Emily Street, with 18 groups registering to buy the three-bedroom property. It is set up as two separate dwellings and has been held by the same family as an investment for more than 40 years.
Less than a minute had passed when bidding opened with an offer of $1.2 million. That was followed by rises of $25,000, $75,000 and $25,000 again, with six would-be buyers raising their paddles.
When the bid hit $1.7 million, two family groups remained, each conferring with others by phone. A flurry of bids, from $10,000 to $30,000 and, finally, $5000 followed before auctioneer Mark Daley raised his gavel and the property sold.
It had a guide of $1.4 million and a reserve of $1.5 million.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
This unrenovated terrace is not for the faint-hearted, or those with shallow pockets, but is in a quiet street with good connections to public transport, shops and cafes. And it has parking.George Chan
The new owner said they planned to renovate the property on a 120.1-square-metre footprint, the last in a row of well-maintained terraces and the only one with off-street parking.
Daley said that while the property needed extensive renovation, it was a “solid structure” and represented a worthwhile investment given its position and much sought-after feature in the inner west: off-street parking.
Auctioneer Mark Daley almost needed eyes in the back of his head as six groups made bids to buy 21 Emily Street before a 50-strong crowd.George Chan
“It’s a cracking property – it’s almost market-proof,” he said. “The price point was very attractive, and if someone is a professional [tradesperson], they can renovate cheaper than the average punter.”
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Bradfield BadgerFox sales agent Alexander George said most of those who missed out on the property were in the building trade and could see the value in renovating. The result signalled a positive start to the spring selling season, George said.
“We have come into the early part of spring, and we’re seeing an uptick in buyer activity,” he said. “The fearmongering has been going on for too long. It is what it is, and real estate will always be a good investment in Sydney.”
The property was one of 709 scheduled to go to auction in Sydney this week. By evening, Domain recorded a preliminary auction clearance rate of 57 per cent from 433 reported results throughout the week, while 125 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate
In Epping, a four-bedroom home sold for $2.78 million, $380,000 over reserve.
Nineteen groups registered to bid for the solid brick bungalow at 22 Abuklea Road, with 10 taking part. Bidding opened at $2 million and rose in increments of $100,000 until $2.3 million.
Bids of $50,000 followed, then several increments of $25,000. When the bid hit $2.75 million, increments fell to $10,000 and less until the auctioneer’s hammer fell, and the property sold for $2.78 million.
The property had a guide of $2.2 million and a reserve of $2.4 million.
The turnkey nature of the single-level property on a flat 746.1-square-metre parcel of land, as well as its connectivity to public transport and shops, made it a popular choice for a wide range of buyers.Domain
The successful bidders were a young couple with a child who have been living in Alexandria but were originally from the area and liked the level backyard. The underbidders were a local family looking to upsize.
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The Agency Epping sales agent Catherine Murphy said the high number of registrations reflected the wide appeal of the single-level property – which had garnered interest from downsizers, upsizers and families – as well as a shift in market confidence.
“People have really decided to get on with it – life goes on,” Murphy said. “The shock of the budget announcements and interest rate rises has abated and people are getting on with their lives.”
In the harbourside pocket of Lavender Bay, a buyer upgrading their city bolthole won the keys to a two-bedroom apartment, paying $1,535,500 at auction, more than $210,000 over the reserve.
Twelve groups registered to bid for 5/7 Waiwera Street, with five active. Bidding opened at $1 million, followed by a single bid of $200,000.
More modest increments of $20,000 and $10,000 followed until the offer reached $1.5 million, when it slowed to $5000, $1000 and finally $500 bids.
The property had a guide of $1.25 million and a reserve of $1,325,000.
The underbidders were a mix of locals, Queenslanders and one Australian bidder in Germany looking to upgrade.
The well-appointed two-bedroom apartment also includes a car space and access to a common lawn for residents. The view isn’t bad either.Domain
“A property like this resonates with upper north-shorians because of its position down the train line,” Raine & Horne Mosman sales agent Adrian Bridges said.
“It is proof that good properties will attract competitive bidding, and the auction process is still the most transparent process for buyers and vendors.”
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Robyn Willis is a property reporter and the former lifestyle editor for The Sydney Morning Herald and The Age.From our partners