A rural lifestyle estate in North-West NSW has surprised both buyers and sellers alike by selling for $370,000 above reserve.

Initially listed with a reserve price of $3.6m, the two hectare property at 9 Mark Rd in Nelson sold for $3.97m.

Brought to market by LJ Hooker Dural agents Steven Ford and Camilla Piggot, the property included a single-level brick veneer home which offers buyers privacy and space.
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This property sold for $370,000 above the reserve price.

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The property was sold via auctioneer Stu Benson, who told The Daily Telegraph that there had been some significant sales results in the early weeks of July.

“My acreage clearance rate is still over 90 per cent this year, with some massive results in these first two weeks of July, highlighting the value still seen here in the North West,” Mr Benson said.

“The winning bidders were two young couples from Glendenning who will live in the house together, pooling their money to increase their buying power.

“Our underbidder, an investor, didn’t enter the fray until I eventually called the property on the market for $3.9m … his strategy was to wait until the very end, but the young couple were there to win, and win they did.”

An interior view of the kitchen.

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Elsewhere, the property at 6 Pilliga Circuit in North Kellyville sold for $2.326m – $126,000 over reserve.

Spread over two levels, the four-bedroom and three-bathroom home features multiple living spaces including an upstairs games room and a downstairs theatre room with coffered ceilings.

With six registered bidders and four actively bidding, the vendors of the property specifically chose Mr Benson and Guardian Realty agents Mannie Vassalo and Stephen Giacomelli as an agent and auctioneer partnership due to a recent result up the street.

The property at 6 Pilliga Circuit in North Kellyville sold for $2.36m – $126,000 over reserve.

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“All the pre-auction offers were hovering in the $2m – $2.1m range, so this result is certainly a ‘win’ for the auction process, and the competition we’re still seeing for good property.”

“People still want or need to upgrade or downsize, to stop renting or to simply get into the market. For those reasons, there’ll always be buyers.”