Sydney auction in Kingsford sees unassuming red-brick home sell for more than $7million

An unassuming red-brick home sold in Sydney for more than $7million this weekend.

The sale is an indication property prices are on the climb again after a lull in the housing market.

The single-storey property, in Sydney’s east, boasts endless opportunities for development and is bigger than what it appears.

The land actually features a second dwelling and two parking spaces with a combined 1347 square metres coverage.

Located in Kingsford, the property is close to a range of amenities, including UNSW, Prince of Wales Hospital and Sydney Airport.

The land was also recently cleared for an R3 zoning, meaning its new owner will be able to turn the block into an apartment block.

The R3 Medium Density Residential zoning means the buyer will have the freedom to demolish the two single-storey homes and build a slew of dwellings in its place.

Bed and breakfast accommodation, childcare centres, apartments, community centres and hostels are all approved buildings for the space.

For this reason, as well as the fact that a buyer could also choose to rent out the two spaces, with a combined seven bedrooms at present, the property sold at auction on the weekend well above the average for the suburb. 

It sold for a staggering $7.35 million, while the median house price in Kingsford as of September 2019 was just shy of $2 million. 

Over 2000 other homes were also up for auction across the nation last weekend, up from 1324 the week prior.

CoreLogic data shows a steady improvement in clearance rates of homes this quarter.

More than 70 per cent of properties that hit the market from July-September were sold. 

The land actually features a second dwelling and two parking spaces with a combined 1347 square metres coverage