A humble western Sydney home has been snapped up at auction for $515,000, smashing the reserve by $65,000.
Offered for the first time in 55 years, the original Kingswood property had been on the market for months but failed to generate interest.
In May, it was listed with Property Central Penrith agent Peter Betros with a guide of $400,000 — a figure chosen by the vendor, who was desperate to sell.
“It was priced at almost land value,” Mr Betros told the Penrith Press.
“Parts of the property weren’t council approved, a lot of it was run down and it needs at least $50,000 to $100,000 in renovations,” he said.
Within days, the single-storey house on a 556 sqm block, at 14 Lucy St, was piquing the interest of buyers from near and far.
Close to 60 groups inspected the property over the four-week campaign before a crowd of about 50 people gathered to watch the auction action.
Bidding opened at $380,000 with seven of the nine registered bidders vying for the property.
A number of local first home buyers were pushed out of the competition as the figure quickly met the $450,000 reserve and slowed at $475,000.
The seller was “rapt and ready to sell”, but in a shock twist, two buyers decided to battle it out beyond that point. The hammer fell at $515,000.
Mr Betros said the new owner, from Ryde, and the underbidder were both investors who were keen to snap up property in a booming area.
“The selling point was definitely location — that pocket of Kingswood is 1.5km from the train station and 1km from Nepean Hospital.
“If any part of Penrith is to be developed over the next 10 years it will be there, which is why there was a lot of out-of-area inquiry.”
Unlike most suburbs across Sydney, Kingswood experienced a median house price rise in the 12 months to March, jumping 4.1 per cent to $702,500.
CoreLogic records reveal the area, which has a median asking rent of $400 a week, had 120 property sales during that time.