In Sydney’s south, a tired four-bedroom house in the suburb Kareela, which had last changed hands in 1993 for $136,000, resold at auction on Saturday for $1.92m. The price for the house on Mercedes Place, a coveted cul de sac in the area, was $70,000 over reserve. Auctioneer Andrew Cooley, the director of Avenue Auctions, said the property was popular because homes in the area rarely came up for sale. The new buyer is understood to be planning a renovation.

In the south, a downsizer beat five other bidders for a villa just footsteps from Monterey Beach. The two-bedroom home on Solander St went to auction with a $1.15m guide through Belle Property agent Rod Mumford but sold under the hammer for just shy of $1.3m. Auctioneer Andrew Cooley of Avenue Auctions said the location was a big factor in the higher-than-expected result. The seller bought the property in 2021 for $1.05m.

Avenue Auctions director Andrew Cooley said the bidding was quite “sporadic.” “The house was in very good condition given its age, it was extremely liveable.” “The real benefit of this one was the fact that you could walk to Beverly Hills train station and shops,” Mr Cooley said.