Sydney auctions

Sydney auctions: Lidcombe house bought at property market peak sells at a loss

PHOTO: The number of buyers looking to buy continues to heavily outstrip the number of homes on the market. Photo: Peter Rae. Photo: Peter Rae

A Lidcombe house bought at the height of the property market in 2017 sold at a loss under the hammer on Saturday.

Eighteen parties, a mix of first-home buyers, investors and developers, registered to bid for the three-bedroom home at 10 Gallipoli Street.

The successful buyers were an inner-west couple who bought the property as an investment for their children for $1.61 million, outbidding a developer.

It sold above its $1.5 million reserve on Saturday but fell $30,000 short of the last purchase price of $1.64 million in 2017, records show.

Laing+Simmons Merrylands selling agent George Lattouf said even though the house sold at a loss the vendors still got a higher price than they would have prior to the pandemic, due to the lack of stock.

“If they sold just before COVID they would have got $1.5 million. They got a terrific price,” he said. “The owner was very happy because he could no longer hold onto it. He said, ‘Look, I’ve paid enough interest and haven’t seen the gain in it.’ ”

Lidcombe’s median house price was $1 million over the year to July, Domain data shows.

It was one of 636 homes scheduled to go under the hammer in Sydney on Saturday.

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