A family has paid more than $200,000 above the reserve for a two-storey home in Sydney’s Inner West that is considered unliveable.
“The property, I think, attracted a lot of interest from buyers just because of its size, mostly from people wanting to upsize,” Nicole Gerber of Gerber Properties told nine.com.au.
Gerber estimates the renovation costs on the four-bedroom property are in excess of $1 million.
“We had quite a few families looking. They brought their builders through,” she added.
At auction, the home had five registered bidders, with three actively competing.
“It was a good auction. It was sharp and short,” Gerber said.
Bidding opened at $2.1 million, with its reserve of $2.3 million quickly reached.
A young family ultimately won the keys, with a winning bid of $2.52 million – $220,000 above its reserve.
Gerber said the vendor was “thrilled” with the outcome, particularly that another family would call the property home after it had been in her family since the 1950s.
The positive auction result comes as Sydney’s preliminary clearance rate fell below 50 per cent – the first tumble in 12 weeks, according to data from Domain.
Sydney hosted 885 auctions over the week, with Domain recording a preliminary clearance rate of 45 per cent from 490 reported results.
Gerber said even in a “really ordinary market”, good real estate sells.
“People still need somewhere to live and still want to make something their home,” she said.
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