Why a monetized buyer paid $ 4.7 million (nearly $ 500,000 above reserves) to this little red brick house he didn’t want
- New owners plan to knock down the house and rebuild it from scratch
- The last property sold was 60 years ago when Australia was still spending pounds.
- Three bidders pushed costs far beyond the $ 4.25 million minimum price
A small red brick house sells for almost $ 500,000 above the booking price, and there’s still a lot of money to spend on this property.
After spending $ 4.72 million on a three-bedroom home with waterside views on Saturday, the new owner plans to knock it down and rebuild it.
The 399-square-meter block went on the market for the first time in almost 60 years, when Australia didn’t even spend the dollar-it sold for £ 6,500.
Three bidders continued to push prices for homes outside Cabarita SydneyThe interior west until it far exceeds the $ 4.25 million reserve.
View from a modest home in Sydney’s Inner West, which sold for just $ 4.72 million
The front of the house in Cabarita, a suburb of Sydney, sold nearly $ 500,000 more than the reserve on Saturday.
Winner Bruce Turner said he spent about $ 500,000 more to get a house than he had hoped for.
“We want to redevelop it and move here to die,” said Turner, managing director of blind company Winstan. Sydney Morning Herald After the auction.
“It will be our eternal home.”
Turner was competing for the next block in 2016 with the same two rival bidders.
He started bidding with a $ 3 million offer, and from there it rose by $ 100,000, mostly until it reached $ 3.9 million.
The offer then rose with a small jump, marking $ 4.35 million, and a neighbor next door took part in the bid, which was eventually too high.
The neighbor advised Turner to buy his property for $ 2.5 million in 2016.
The photo is an aerial photo of the outskirts of Sydney, marking a house sold on Saturday.
Distributor Ben Horwood said the price he got on Saturday was much higher than expected, but he wasn’t shocked.
“It’s certainly more than we expected, but I’m not surprised that it’s such a good property,” he said.
“The consequences of blowouts,” where selling prices are well above reserves, are becoming scarce, but “the rest of the market is still in good shape,” he said.
Night view across from Kavalita’s house, which sold well above Saturday’s booking price