In the south, Andrew Cooley of Avenue auctions had 13 register and five active at 11 Hill St, Woolooware. The two-bedroom brick home on a 566sq m block owned by the Downey family had cost $46,100 in 1979. On Saturday, the deceased estate sold for $2,455,000, $255,000 over reserve. The buyers were an inner-city couple. “It’s a real trend – we’re seeing a lot of families moving here from the city,” Mr Cooley said.

Auctioneer Andrew Cooley, the director of Avenue Auctions, said the market in Sydney’s south had picked up “considerably” in recent months. “In the south there is still a shortage of property on the market. It’s starting to pick up a bit, but it’s still very low, and we are getting a lot of demand from out of area buyers,” he said. Over in the eastern suburbs, a two-bedroom Bondi Junction home sold for $2.205m after drawing an opening bid of $1.8m.

Auctioneer Andrew Cooley, from Avenue Auctions, said the it was an honour to auction the Miles family home. He said the family were thrilled with the result, with the home selling more than $200,000 over reserve, with four out of the seven bidders driving up the price. “All the family were there, the kids and grandchildren. It was a good, old fashioned brick Australian home,” he said.

Auctioneer, Andrew Cooley, from Avenue Auctions, said the auction had 10 registered bidders with four active.“It was in a nice pocket of Miranda, in a cul-de-sac and close to Westfield and transport,” he said. Mr Cooley said high bidder numbers were becoming more common due to the ongoing lack of stock. “As a result, there’s more people on each property which is what’s driving prices,” he said.

The home, at 414 Willarong Rd, went under the hammer after a half-hour long auction with 75 bids and three bidders. Auctioneer Andrew Cooley, from Avenue Auctions, said the sale was $235K over reserve. “The buyer was a local shire family who is going to build their dream home,” he said. “It has beautiful views that can never be built out and it’s also in a tightly held pocket.”