Why this VERY modest brick house sold for $8.3MILLION – nearly $3m over the asking price – as Australia’s property market continues to boom
- The house in Cabarita sold for a record-breaking $8.25million on Saturday
- Around 100 people came to the auction for the three-bedroom waterfront home
- The selling smashed the earliest highest-selling house which sold for $6million
A small red brick house has sold for nearly $3million over its asking price with the winning bidder snapping up the property for a record-breaking $8.275million.
About 100 people gathered at the three-bedroom house which backs onto a white, sandy beach in Cabarita, in Sydney’s inner-west, for the auction on Saturday.
The 607sqm home had been listed for $5.5million with the sale smashing the record for the highest-selling house in the area previously belonging to a $6million two-storey mansion.
The home, nestled in between multi-storey mansions, was expected to draw in some attention due to its waterfront location and its own private access to the beach.
The three-bedroom house in Cabarita, in Sydney’s inner-west sold for a staggering $8.25million at an auction on Saturday
The three-bedroom house smashed records in the area after it sold for $3million above its price guide
The dwelling on Dorking Road also houses a boat garage plus a second shed that can be used as a laundry.
The previous owners lived in the home for 60 years, and the new buyers are expected to knock down and rebuild.
Real estate agent, Dib Chidiac, said he expected the auction to go well because a lot of buyers wanted to rebuild the home from the ground up – but was shocked to see it smash the records.
‘The first offer came in at $5.5 million, the guide, straight away. The bidders were willing to (push) for it,’ he told Realestate.com.
Mr Chidiac said that 14 bidders had registered for the auction.
The previous owners had been a family that lived in the home for 60 years, and the new buyers are expected to knock down and renovate the modest house
Meanwhile, in inner Sydney, a run-down terrace house with exposed framework through holes in the walls and no finished floors has sold for $3million – $800,000 over reserve.
Asked why the Glebe property fetch the huge sum, the agent said that was most likely down to the inner-city location.
The house does have views of the Sydney skyline and the footprint is surprisingly quite large with five bedrooms.
The home, nestled in between multi-storey mansions, was expected to draw in some attention due to its waterfront location and its own private access to the beach
Meanwhile, in inner Sydney, a run-down terrace house with exposed framework through holes in the walls and no finished floors has sold for $3million – $800,000 over reserve
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