A Chinese family have bought a time-capsule traditional home in Sydney for half-a million-dollars over the reserve price, in defiance of fears property values are set to nose-dive.
The Bondi Junction house, in the city’s east, was up for auction after the former owners, two brothers, passed away.
The auction started at a reasonable $2 million, however the bids came in thick and fast, by $200,000, $100,000 and then $50,000 increments.
The family then offered a price the other bidders couldn’t match – a whopping $2.8 million.
A Chinese family have bought a time-capsule traditional home (pictured) in Sydney for $500,000 over the reserve price
The auction started at a reasonable $2 million, however the bids came in thick and fast, by $200,000, $100,000 and then $50,000 increments
Estate Agent Clay Brodie of Ray White Woollahra later told realestate.com.au he was gobsmacked; ‘It was ridiculous… massive.’
The two brothers did not have any living family members. Half the proceeds of the hefty sale will go to friends, while the other half will go to the NSW Trustee and Guardian.
The charming property is kitted out with a classic interior, including stained glass windows, high 3.2m ceilings and a grand dining room with a marble fireplace.
Dark wooden panels compliment the plush green carpet.
The large 450sqm house also boasts four king bedrooms and a dual garage.
The sale comes amid warning from experts that house prices will plunge across the country until at least 2020.
ANZ bank analysts have blamed a combination of tight credit conditions, low auction selling rates and exploding household debt for the cooling market.
Estate Agent Clay Brodie of Ray White Woollahra later said he was gobsmacked at the sale
The charming property is kitted out with a classic interior, including stained glass windows, high 3.2m ceilings and a grand dining room