A modest family home has astonishingly sold for more than $600,000 above the reserve – further proof Sydney’s housing market is out of control.
The four bedroom Bellevue Hill home was originally listed for $2.8 million but the reserve ended up being set at $3 million.
After a furious bidding war that saw multiple $100,000+ bids bring thrown around, Adam and Kim Pisk won the auction with a final price of $3.62 million.
‘I wanted to buy it for under $3.4 million but there was no way I was going to let it go,’ Mr Pisk told Daily Mail Australia.
A modest family home has astonishingly sold for more than $600,000 above the reserve – further proof Sydney’s housing market is out of control
The four bedroom Bellevue Hill home was originally listed for $2.8 million but the reserve ended up being set at $3 million
After a furious bidding war that saw multiple $100,000+ bids bring thrown around, Adam and Kim Pisk (pictured) won the auction with a final price of $3.62 million
The period-style house in Sydney’s affluent eastern suburbs is in a highly-sought after area, in between shops, beaches and schools.
It sits on 450 square metres of land, with separate rooms for formal dining and lounge, as well as a family room.
Mr Pisk, a sales and operations director at ServiceSeeking.com.au, says he was not surprised the house went for way above the reserve.
‘It’s exactly what I was expecting. Sure it sounds crazy, but it’s not crazy,’ he told Daily Mail Australia.
‘A three bedroom terrace around the corner sold for $3.7 million. If you do your research you know that’s what property in this area costs.’
The period-style house in Sydney’s affluent eastern suburbs is in a highly-sought after area, in between shops, beaches and schools
It sits on 450 square metres of land, with separate rooms for formal dining and lounge, as well as a family room
Mr Pisk said he didn’t want to go any higher than $3.6 million, but ‘wasn’t going to lose it over $20,000’
He said the agent listed the property way below its value, which led to the astonishing above reserve price.
‘It started at such a ridiculously low price. They quote as low as they can get away with.’
The Pisks were locked in a battle with another buyer, who joined in as the bids reached $3.4 million.
Mr Pisk said he didn’t want to go any higher than $3.6 million, but ‘wasn’t going to lose it over $20,000.’
He says he and his wife, unlike a lot of Sydney buyers who have destroyed the market, bought the house to raise a family in and are in it for ‘the long haul.’