Fiona Killman, Real Estate Reporter
Updated 13 Nov 2023, 12:07pm
First published 13 Nov 2023, 12:02pm
“Decent gain”: Owners of a knockdown rebuild in Sydney’s house have made $1.25m in three years not lifting a finger.
A homeowner in Sydney’s south has made $1.25m in three years without lifting a finger on their knockdown rebuild.
The home, at 18 Vaudan Street in Kogarah Bay, went under the hammer for $4m at its auction on Saturday – $500K over reserve.
“$4m was a great result for that one,” McGrath – Sans Souci partner Trent Tarbey said.
“The owner bought three years ago and the home has pretty much sat idle. They rented it out for a while and then had a DA approved for a brand new house.”
The waterfront home sold $500K over reserve.
The home sold to a local family keen to build a brand new home on the property.
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Mr Tarbey said the owner was relocating up north and decided to sell, making a “decent gain” of $1.25m after having bought the waterfront property in 2020 for $2.75m.
“They have done well out of it, we were initially guiding $3.3m and thought it would sell in the mid $3m’s,” he said.
The competitive auction saw four of the seven registered bidders active.
“We had experienced builders there but it sold to a local family who intend to build a new home to live in,” Mr Tarbey said.
“It was a fast auction, they were all pretty savvy. From the $3m mark, it went up in $100K and $50K bids.
Mr Tarbey said waterfront homes did not come on the market often in this area.
“These waterfront homes don’t come up very often. The owners were very happy after having not lifted a finger on the home.”
The sale was one of many strong auction results over the weekend, with NSW recording a clearance rate of 57 per cent according to
Over in Castle Hill, “quality over quantity is getting things done” according to auctioneer Stu Benson from Benson Auctions.
A four bedroom home at 60 Oakhill Dr sold for $2.29m – $340K over reserve at auction after 63 bids.
“I’m hearing the question “are we on the market?” a lot more recently, which is no doubt a sign of the times – buyers are cautiously watching their purse strings due to the increased interest rates, so they essentially want to know if they’re bidding to put a property on the market, or to take it off,” Mr Benson said.
A four bedroom home in Oakhill Dr, Castle Hill sold $340K over reserve.
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“I was about to sell this one at $2,025,000 – a healthy $75,000 over reserve – when a gentleman in the crowd asked if he could register.
“We paused, he rejoined with an increase to $2,030,000 and both he and our eventual buyer, a local investor, continued to bid for another $260,000! I’m not too sure if our buyer was glad he spoke up, but our vendor sure was!
“I’ve seen average bidder numbers per-auction lower slightly over the last few weeks, a symptom of increased stock and also increased interest rates, but no change in my clearance rate.”
An original North Ryde home sold for $3.1m.
Another strong result came out of North Ryde where a three bedroom home broke a record for an original home in the area on 816sq m.
The home at 31 Michael St sold for $3.1m and was the fourth house to sell in the street this year.
The other homes recorded sales between $2.711m and $2.8m.
The location is popular for developers, close to Macquarie Park, schools and parks, with the auction attracting more than 10 registered bidders.
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