A Sydney home that sold five months ago for $1.72 million, went under the hammer again this weekend – for $2.74 million.
This means more than $1 million in profit for the vendor. The previous owner had received development approval for a duplex on the land, but had decided to work on other projects and sell it while market activity was high, Domain .
The five-bedroom house is located in Marsfield, the suburb right beside Macquarie University, and sits on a 923-square metre block.
“Offering luxury house-like proportions, each duplex includes over 450sqm of land and 300sqm of living space promising to be the largest duplexes to hit the market when built,” the listing description reads.
“The existing house is in original condition and bursting with scope, presenting a highly desirable opportunity to develop and capitalise on the CDC approved Torrens Title duplex site or build a contemporary family home, taking advantage of the thriving, family friendly location and exceptionally large landholding.”
The house went on auction on Saturday with a reserve price of $2.5 million. A local family among a throng of 13 registered bidders ultimately snapped up the home.
Belle Property Ryde principal Phillip Allison, who listed the property, said the $2.5 million price tag “seems to be where the market is in terms of price”.
“There is huge demand at the moment for homes with development approvals especially from builders who just want to get in there and start immediately.”
The owner had intended to build the duplex originally, he added, but saw opportunities for other projects in the area, Allison added. “He was over the moon with the result.”
The sale of the Marsfield is one of the latest to sell beyond reserve, with several reports of Sydney homes selling well beyond the initial asking price.
Another Sydney-based 1-bedroom apartment with no balcony over the weekend sold for $1.2 million, setting a new record.
According to fresh CoreLogic figures, more than 2,400 homes went to auction this week at a preliminary auction clearance rate of 80.5 per cent.
House prices grew at its fastest monthly pace in 32 years in March, with some commentators concerned about a property bubble bust around the corner, while others have said prices will continue to rise for months and years yet.