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The sale of a Belfield battle axe property for more than $3.4 million has been touted as an example of current market conditions by the selling agents.
The sale went by way of live auction and exceeded the suburb’s previous residential record set by Richard Matthews in October 2023, by $261,000.
Speaking to REB following the sale, Matthew Everingham, director and auctioneer at Richard Matthews Real Estate, emphasised the level of interest and eventual result of the auction as a result of the exposure generated by the agency’s “huge local reach” within the Belfield community and the “atmosphere that neighbours helped to create on the day”.
A unique strategy implemented by Richard Matthews to build up the excitement around auctions is to encourage as many of their sales team to attend auctions, with Everingham revealing that the sales team “service not only buyers bidding on the day but also neighbours”.
“We ensure that all our auctions have our onsite café offering our community complimentary coffee – this helps set the scenes and creates the atmosphere,” he shared.
Replete with four registered bidders and over 150 onlookers, bidding began at $2.9 million and quickly surpassed the $3 million estimate value until a local family were ultimately successful in securing the property.
Everingham described the record that was achieved on the day as irreplicable by any other sale option, citing the “incredible competition” generated by the auction process and there being “no substitute for emotional bids from buyers who love the property”.
For Vivek Tailor, fellow director and agent at Richard Matthews, the level of interest shown in the property “is a great reflection of the shortage of good-quality homes for buyers in today’s market”.
And with both directors clearly fans of the local area, Everingham cited the “incredible lifestyles” on offer within suburbs such as Belfield as a decisive influence creating both competition and a shortage of supply.
It’s part of a broader trend, noted by Everingham, that’s seeing “property owners watching from the sidelines anticipating a climbing market”, proclaiming that the sheer volume of stock that will simultaneously hit the market in the future is most likely to achieve “the opposite effect that they are banking on”.
And as a result of this perceived scarcity of quality properties, Everingham doesn’t expect the recent record to last long, especially given Belfield’s popularity is growing as a result of its proximity to high-growth suburbs such as Strathfield and Burwood.
“Belfield has a wonderful family feel which buyers are drawn to and particularly with this property backing onto Rudd Park, it also has a vibrant shopping village and some wonderful local schools,” Everingham concluded.
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