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Amanda Sheppeard 2 Apr 2021
One of three sales in the same street in two days – 48 Merrivale Rd, Pymble.
There hasn’t been a sale in Pymble’s Merrivale Rd all year – until last week when three houses sold the space of two days.
The first one to sell was No. 48 Merrivale, a near-new five-bedroom home completed in 2019 by Wincrest Homes.
Craig Marshall, of Marshall. Chan. Yahl, said the home had been due to go to auction with a bidding guide of $3.6 million, but sold early for $4 million.
The buyer was a family from Cherrybrook looking to be closer to the train line and the exclusive private schools in the upper north shore.
It sold for $4m.
He said they fell in love with the property as soon as they saw it.
“We took them through in a private inspection on Thursday morning and they bought it on Friday,” Mr Marshall said.
The sale was the second highest for Merrivale Rd. The street sale price record is held by No. 26A, which sold in October last year for $5 million, CoreLogic records show.
The outdoor area.
That was one of only two sales in the tightly held street in 2020. There were no sales in 2019, and only three in 2018.
Mr Marshall said it was unusual to see three houses sell in a row.
“The market is very strong – the best I’ve seen it since 1979,” he said.
“Places are going for 20 to 30 per cent more than they were 12 months ago.”
The other two homes sold under the hammer on Saturday in hotly contested auctions. No. 86 Merrivale Rd sold for $3.71 million, the fifth highest sale price for the street.
George Carey, of McGrath St Ives, said he had seen a spike in the already busy market in the lead-up to Easter.
“I guess it’s the rush up to the Easter weekend because buyers want to have a property secured before then,” he said.
He had set a $3 million guide on the property, but this was raised to $3.3 million based on the level of interest and buyer feedback.
No. 86 Merrivale Rd in Pymble has sold.
Two bidders fought it out for the five-bedroom home, with the successful buyer paying well above the $3.4 million reserve.
Mr Carey said the buyer was a young family from Frenchs Forest, who also wanted to be closer to the schools.
He said the market conditions on the upper north shore were proving challenging for buyers.
“It’s a very stressful process for buyers because there is very limited stock on the market,” he said.
“FOMO (fear of mossing out) is back in, in a big way.”
Mr Carey said buyer had to be prepared to dig deep to stave off the strong competition from other buyers, but vendors also needed to be committed to their sale plan.
“Virtually everything seems to me selling, a lot before auction,” he said.
The home has five bedrooms.
“I just think in this market you’re crazy not to go to auction.”
The third sale – which was also the fourth highest price achieved in Merrivale Rd – came on Saturday at the auction of No. 82.
It sold under the hammer through James Levy, of Ray White Upper North Shore, for $3.75 million.
According to CoreLogic, the five-bedroom home on 923sqm last sold in 2011 for $1.4 million.