Taylor Troeth, Property Journalist
Updated 4 Nov 2023, 5:11pm
First published 4 Nov 2023, 5:04pm
A dated home in Lakemba has smashed the suburb record selling for $1.2m over its reserve.
The home at 42 Croydon St, an old standard brick house and sold for a whopping $2.7m.
Sold by listing agent, George Boghos of Ray White Bexley North, Kingsgrove and Beverly Hills, who was in shock.
“It’s beyond me,” he said, struggling to pin point why the home sold so well.
The Lakemba home smashed the suburb record and sold for $1.2m over the reserve.
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Sitting on 767 square metres, the home had four-bedrooms and appealed to builders and developers.
“We were not expecting that, we thought maybe $1.6m-1.7m,” he said.
The auction was hotly contested, a 40-minute long bidding war, with over 150 bids.
However, Mr Boghos said that the high price meant an investor could be at a loss.
The home at 42 Croydon Street, Lakemba – sold for $2.7m.
“If he wants to rebuild it, there’s no money to be made in it,”
“Besides the great location, duplex sites sold for $1.6m-$1.7m at best,” he said.
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The investor planned to initially rent the property out but was secretive of future plans, Mr Boghos revealed.
The living room showed dated carpet in the listing.
Images show a rusting backfence and garage.
The strong auction result showed good activity in the market, but Mr Boghos said it is hit and miss.
“The good properties are still selling well but if the vendor is a bit too greedy they are not selling,”
Despite a potential looming interest rate rise, Mr Boghos said it wasn’t deterring buyers.
“We will see what happens with interest rates – but it still not stopping buyers.”
The dated kitchen in the $2.7m Lakemba house.
One of the four bedrooms.
“Activity in the market is still there,”
The average house price in Lakemba is $1.113m, according to PropTrack data.
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