Sydney auction results, real estate: Dated inner west home sells for $1m over reserve
An unassuming Concord family home has sold for a whopping $4.025m – more than $1m over reserve – after a heated auction.
Originally guided at $2.9m, the auction drew a large crowd and had seven registered bidders.
The listing of the four bedroom home at 12 Alton Ave showed a dated interior with cracks, peeling wallpaper and exposed plasterboard.
It was the first time in 70 years the property was on the market.
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Listing agent Dib Chidiac said the spacious 841sq m block helped push the price well over the reserve at the late September auction.
The large block size and zoning that supports potential developments made the sale a popular property for buyers looking to renovate, invest or knock down and rebuild.
A comforting start for the sellers, the opening bid started at the reserve price of $2.9m and went up by $100,000 intervals before tightening to $25,000 between bids.
The underbidder was a local family looking to live in the property, just missing out on the sale at a bid of $4m.
A local investor came out on top, and had plans to make use of the large land parcel and turn the property into a duplex.
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The sale price was well over the suburb’s median house price of $2.62m, according to recent PropTrack data.
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Originally published as Dated inner west home sells for $1m over reserve
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