A knockdown rebuild property in the heart of Eastwood has sold under the hammer for $2.565m over the weekend.

The full brick property at 8 Hunts Ave in Eastwood was purchased by the Reynolds family in 1956 and had been listed by Melrose Estate agents Paul Tassone and Ahmad Malas with a $1.98m reserve price.

Auctioned by Michael Garofolo, the three-bedroom, one-bathroom home is located close to transport, shops and parkland.

8 Hunts Ave, Eastwood sold for $2.565m.

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“This auction predominantly saw developers and builders who were interested in the opportunity to transform it into a duplex site or a dream home,” Mr Garofolo said.

“Bidding started at $1.5m and just went up from there. It was a fantastic auction, with 9 out of the 17 bidders actively competing.”

“A builder walked away with the winning $2.565m bid; I think this result shows that buyers are seeing attractive results from houses with potential to develop into other living amenities.”

With the right price and right location, Mr Garolofo said that the home ticked a lot of boxes for a development site.
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The Eastwood home attracted developers and investors at the auction.

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The current home included separate living areas, a large bathroom with a double shower, kitchen with a sitting area, a garden shed, and access to the side of the property for a lockup garage and double carport.

Elsewhere in Sydney, a ‘once in a generation’ home offered for the first time since 1954 has sold for $6.075m.

The waterside property at 16 Dorking Rd in Cabarita had received a high level of interest from both locals and surrounding suburbs looking to upsize and upgrade.

The home had been purchased back in 1956.

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Listed by Horwood Nolan agent and founder Ben Horwood with a $5m guide, the opening bid started at $4m.

Mr Horwood said the bidding process was slow to start, but gradually picked up speed as five active bidders took up the opportunity to own a home in a blue ribbon suburb.

“The high end market is still performing very well, particularly for homes like this one,” Mr Horwood said.

A view of the dining area.

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Mr Riley also pointed to the price bracket of the home as proof that interest rate rises hadn’t made an impact for high-range properties.

“Today’s result shows that generational properties in blue ribbon areas will always perform strongly no matter what the market conditions are.”