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The dishevelled home missing the back end has sold for $2.28m.
A dishevelled Leichardt property that appears to be missing planks of woods from the walls and window panes has sold for $2.28m under the hammer.
The run down home at 41 Macquarie St attracted five bidders, all young couples, young families or local developers wanting to build dream homes.
The home sold more than $400,000 above its initial price guide.
It is understood the property had been vacant for at least three or four years and the listing stated it was “unsafe to inspect.”
“Its been neglected for a really long time,” Montano Group director James Montano said.
A group of about 40 of 50 people gathered to watch the property sell under the hammer.
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The back end of the property.
Pictures show a rundown sunroom and shed missing planks of wood, window panes and other furniture had been left haphazardly around the home.
The property was a deceased estate.
Bidding started off slow and began to heat up between a young couple and a local developer. In the last available moment, a third bidder swooped in with a single $20,000 bid to come out on top, selling $80k above its reserve.
Mr Montano said the winning bidder was a local developer planning to build a dream home for his family on the 360 sqm lot.
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The lot was approximately 360 sqm with dual street access.
“I think their plan is to build the family home, four or five bed, they want to put a pool in and a garage at the back with the dual street access,” he said.
Heading into spring, more stock has hit the market, with buyers being a lot more discerning and hesitant to get into bidding wars, according to Mr Montano.
“This was a unique sort of property hence the action experienced on auction day,” he said.
“If there is something unique and value add, but otherwise for the average property you wouldn’t see it.
“There is more choice for buyers right now.”
The Macquarie St home sold $200,000 above Leichardt’s current median house price of $1.98m, according to PropTrack data.
This was one of 888 auctions scheduled in Sydney this week, an increase of 12 per cent from this time last year.
In the hills district, a suburb record has been broken for a single story home.
The turnkey home at 43 Glenheath Ave, Kellyville Ridge, attracted nine registered bidders and sold for $2.045m.
The previous record for a single story house had been a neighbouring property, which sold for $1.975m.
Auctioneer Michael Garofolo had called it a “cracking auction.”
“It started at $1.8m then raced up to $2m pretty quickly,” he said. Five of the registered bidders participated in the auction.
43 Glenheath Ave, Kellyville Ridge.
A large crowd gathered along the street and the park opposite to watch the home sell under the hammer.
“There was every type of owner occupier, from young couples, downsizers, large families. Downsizers came out on top,” Mr Garofolo said.
The property sold $45,000 above its reserve of $2m.
Buyers were attracted to the high quality finishes, turnkey nature of the home and the location, which listing agent Paul Land from First National Hills Direct said was “second to none.”
“Opposite was a really nice park and then at the rear they had mountain views,” Mr Land said.
Michael Garofolo auctioneering the Kellyville Ridge home.
“It also had all the bells and whistles, ice machine, wine chiller, electric heated pool and spa.”
The median house price in Kellyville Ridge was up 5 per cent in the last 12 months and is currently $1.585m, according to PropTrack data.