Weekend Auctions Continue to Attract Big Results As Properties Smash Reserve Prices Across Sydney

FAIR PRICE? This Busby home sold on the weekend for $610,000, $210,000 over reserve.Source:SuppliedTHE walls are warped and rust stained, the ceiling is peeling away and the bathroom sink has broken off, but that didn't stop a three-bedroom home in Busby from smashing its reserve price at auction this weekend. The derelict home was yet another in a long line of homes that have sold for top dollar in Sydney's torrid auction market, proving again just how desperate buyers have become.Across the city, 83.9 per cent of the 847 homes that went to auction sold and many for substantially more than their seller's expectations.The Busby home on Kaluga Street sold under the hammer for $610,000 - more than double the opening bid of $300,000 and $210,000 above the vendor's reserve price of $400,000.32 Kaluga St, Busby is a "renovator's dream", according to its listing.Source:SuppliedA crowd of more than 100 people had gathered to watch the auction. The winning bidder was a local builder who spotted an opportunity to develop the property's 613sq m block.Number 3 Kerrie Place, a four-bedroom house in Hornsby, attracted an even larger crowd of more than 200 people and sold under the hammer for $1.362 million.The opening bid had been $1 million, but quickly went up in increments of $20,000 and $10,000, until the final bid smashed the $1.1 million reserve by $262,000.The Busby home is missing a bathroom sink and is in need of serious restoration work.Source:SuppliedThe exterior of 32 Kaluga Street, which was purchased by a local builder.Source:SuppliedFurther south, 150 people gathered to watch 16 bidders battle for 55A Adelaide Street in West Ryde.The newly built four-bedroom, three-bathroom duplex had a reserve price of $1.3 million, but sold for $1.415 million - a new suburb record for a duplex.Nearby, 56A Phoenix Street in Lane Cove went to auction in front of a crowd of just under 100 people and opened at $1.65 million.The auction of 55A Adelaide St, West Ryde attracted over 150 people.Source:SuppliedThe final bid came in just short of $300,000 higher at $1.94 million, netting the vendors a result $140,000 over their reserve price of $1.8 million.Rounding off the weekend's top results was the sale of 7 Lennox Street in Mosman, a three-bedroom house on a 538sq m block.56A Phoenix St, Lane Cove sold for $1,940,000, $140,000 over reserve.Source:SuppliedThe property sold under the hammer for $2.35 million, $150,000 over the $2.2 million reserve price.Auction Services director Rocky Bartolotto said big auction results were likely to continue.The outlook for the next four weeks "will be without doubt the strongest June/July I've seen in my 12 years as an auctioneer," he said.7 Lennox St, Mosman sold under the hammer for $2.35 million.Source:Supplied"It will be a record month for volume and our strongest [winter] period since 2003."This week's clearance rate of 83.9 per cent was up on the 83.4 per cent rate recorded the week prior.3 Kerrie Place, Hornsby sold for more than $1.3 million.Source:SuppliedThe city's strongest performing subregion was Ryde, where 88.8 per cent of the homes that went to auction sold.The eastern suburbs, CBD and inner south, Baulkham Hills and Hawkesbury had clearances rates above 87 per cent.Originally published as$210k above reserve ... for this?