News, Culture & Society

Humble red-brick Sydney home sells for $600,000 over the reserve for $4million

What $4million looks like today: Why this humble Sydney home sold for $600,000 over the reserve

  • The one-storey home in Rodd Point, in Sydney’s inner-west, sold for $4million 
  • The red-brick home sits behind Nield Park and has waterfront and city views
  • Home is also metres away from the popular Bay Run and has two bedrooms

A single-storey red brick home has sold for a staggering $4million, a whopping $610,000 over the reserve price as home prices in Australia’s continue to hit new records. 

The sale of the humble two-bedroom home on Nield Avenue in Rodd Point, in Sydney’s inner west, exceeded the owner’s expectations because of its waterfront location, city views and huge block that could easily be subdivided or extended.  

With the popular Bay Run also just a stone’s throw away, the home was a rare find for many families looking to settle down, with 25 bidders turning up at the auction on the weekend. 

A single-storey home on Nield Avenue, in Rodd Point, sold for $4million over the weekend

The two-bedroom home sits behind Nield Park and as well as having waterfront views, is also just metres away from the popular Bay Run

The two-bedroom home sits behind Nield Park and as well as having waterfront views, is also just metres away from the popular Bay Run

Real estate agent Jim Piper from Time Realty told Daily Mail Australia the sale was ‘totally unexpected’.

‘It totally blew everyone away. I can’t explain it,’ he said.

‘It was a good guide about what’s happening in the market at the moment.’

The house, which is surrounded by multi-storey estates, offers a lot of room for renovation or a second level.

The home’s sale comes amid a surge in house and unit prices across the country.

Since the short-lived Covid downturn in property prices ended in September last year, house and apartment prices have soared by 10.2 per cent.

Last month, property prices hit record highs in 63 of Australia’s 88 real estate sub markets with prices falling in just four localised regions nationally, CoreLogic data showed. 

The home had been built by its previous owners who lived in the dwelling for 70 years

The home had been built by its previous owners who lived in the dwelling for 70 years 

In Sydney prices have soared by 2.8 per cent in April to $1,147,352, and in Melbourne prices have climbed by 1.4 per cent to $869,676. 

Westpac is expecting Sydney property price to surge by 16 per cent in 2021 before slowing to 5 per cent in 2022.

Proof the young are missing out on a house

SYDNEY: Up 2.8 per cent to $1,147,352

MELBOURNE: Up 1.4 per cent to $869,676

BRISBANE: Up 1.8 per cent to $621,806

ADELAIDE: Up 2.2 per cent to $526,155

PERTH: Up 0.9 per cent to $537,020

HOBART: Up 1.1 per cent to $600,774

DARWIN: Up 2.7 per cent to $534,332

CANBERRA: Up 2.1 per cent to $833,080

Source: CoreLogic Home Value Index for April 2021 covering median house prices 

Brisbane’s equivalent value rose by 1.8 per cent to $621,806 as Adelaide’s median house price grew 2.2 per cent to $526,155.

Perth’s mid-point house price rose 0.9 per cent to $537,020 as Hobart’s median detached home value increased by 1.1 per cent to $600,774.

In the territories, Darwin’s median house price increased 2.7 per cent to $534,332 as Canberra’s mid-point climbed 2.1 per cent to $833,080. 

Mr Piper said the Rodd Point home had been lived in by the previous owners for decades.

‘It was a much loved home built by the previous owners who lived there for 70 years,’ Mr Piper said.

‘There was a lot of emotion with the sale – it was just great for them.’

Mr Piper said another key selling point of the home was how close it is to the city as well as nearby cafes and restaurants.

One of the first bids for the approximately 404sqm home came in at $3million.  

Sydney’s weekend auction clearance rate stood at 83.5 per cent.

Property prices are surging with three of Australia’s big four banks offering fixed mortgage rates under 2 per cent.

The Reserve Bank of Australia in November cut the cash rate to a record low of 0.1 per cent and governor Philip Lowe has vowed to leave rates on hold until at least 2024. 

The house has room for renovation as well as a second storey. The quaint kitchen featured retro cabinetry and linoleum floors

The house has room for renovation as well as a second storey. The quaint kitchen featured retro cabinetry and linoleum floors

Read more at DailyMail.co.uk