This Lurnea property hit the market for the first time and sold at auction.
A parcel of land spanning more than 800 sqm and housing an original two-bedroom home has sold at auction.
Bidding for the Lurnea property, at 13 Bligh Ave, opened at $680,000 and two parties competed for the prime site. The hammer fell at $758,000.
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“In the end, it went to a young man from out of the area who will rent it out at first and is looking to redevelop,” agent Stuart Zullo from Professionals Paradise Realty Casula said.
CoreLogic data shows the Bligh St property was snapped up for below the suburb’s median house price of $700,000.
A look inside the old home.
“About a year or two ago, this property would have sold for $900,000,” Mr Zullo said. “Like this young buyer, there are some savvy buyers who know there is a correction happening and they are jumping on it.”
This is the first time the property, which is about 30km southwest of Sydney CBD, had hit the market.
The property is in a central spot.
It had previously been kept by the same family who held plenty more land around the Lurnea and Prestons areas, before the suburbs were subdivided to make way for a growing population.
The block is now zoned for low density residential and Mr Zullo said the block could be further subdivided or accommodate townhouses, subject to council approval.
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With a 23m frontage, the site is walking distance from bus stops, schools and the local shops. It also has easy access to the M5 and M7.
In its current state it has a potential rent return of $380 to $420 a week, according to the agent.