What $5.2million will get you in Sydney: Why this VERY humble home sold for $850K over the asking price – with 100 potential buyers arriving at the auction
- Well-preserved home on Sydney’s upper north shore sells for $5.2million
- Three bedroom Roseville home went $850,000 above the $4.35 million reserve
- House in highly sought after location expected to be knocked down and rebuilt
A small house has sold for $5.2million at auction as developers fight over the land on Sydney’s upper north shore.
The three-bedroom home at 7 Marjorie Street, in Roseville, had an original listing price of $4.35million.
About 100 potential buyers flocked to watch the property – which featured a nine square metre kitchen and one small bathroom – before it was sold on Saturday.
A small house with a humble kitchen sold for $5.2million at auction as developers fought over the land on Sydney’s upper north shore
This three-bedroom home at 7 Marjorie Street in Roseville had an original listing price of $4.35million
‘The bids were all over the place. There was a lot of bidding and a super strong result,’ auctioneer Chris Scerri told the Sunday Telegraph.
The agent said the house will probably demolished and re-sold for an even higher price.
‘This solid home offers a rare opportunity to knock down and build the home of your dreams with no heritage or conservation restrictions,’ the property description states.
‘With an exclusive east-side address, a stroll to Roseville/Lindfield village, rail and schools, it is in the perfect lifestyle location.’
Tenants previously rented the property for almost two decades, with the last price listed in 2016 at $980 a week.
The residence sits on a 910 square metre block of land and has a separate dining and living room.
The backyard includes an outdoor toilet, workshop and storeroom.
The house (lounge room pictured) was previously rented by the owner for almost two decades
This Roseville house is expected to be knocked down and rebuilt, to be sold for an even higher price in coming years
Between January and April Sydney’s median price for a home with a backyard increased by 11.2 per cent.
In April, Sydney’s median house price was $1.3 million, requiring $260,000 for a 20 per cent deposit.
Harbour city homes are are predicted to skyrocket over the next few years, with 140 suburbs tipped to lead the biggest property boom in the city.
Upmarket suburbs on the Upper North Shore, the Northern Beaches and the Sutherland Shire had price growth that was double that in the same period of time.