Real Estate

Inner west houses sell for millions at auction as developers get snared in land grab

Inner west houses sell for millions at auction as developers get snared in land grab
Written by The ReReport
As seen in the Source link, written by on 2019-05-18 17:22:00

Four houses on Bayview Rd in Canada Bay sold together for $4.37 million.

Developers were out in full force at inner west auctions today, paying millions for sites with building potential.

An amalgamated site of four houses along a straight line on Bayview Rd in Canada Bay sold for $4.37 million.

The homes will likely be knocked down to make way for duplexes, according to selling agent Dib Chidiac, who received six registrations – all from developers.

MORE: Mixed results for auctions on election day

Homes selling half-built as owners abandon renos

Bidding opened at $4 million and increased in increments of $100,000 and $50,000 before slowing to bids of $10,000 and $5000.

64 Barker Rd, Strathfield sold for just over $3.38 million.

“It was a great opportunity for buyers and an excellent price in a down market,” Mr Chidiac said.

The properties were sold off by a single owner and included 2615sqm of land. The site had development approval for three duplexes and one free-standing residence.

In Strathfield, a five-bedroom house on a 1416sqm block was snapped up by a developer for $3.385 million.

Some of the Bayview Rd homes were rundown.

The Bayview Rd homes will likely be replaced by duplexes.

The price guide for the property at 64 Barker Rd had been $2.9 million and the reserve was understood to be $3 million.

MORE: Secret weapon helping first home buyers

Interest rate to drop to 0.75 per cent

Selling agent Steve Devine of Devine Real Estate said the six buyers who registered for the auction were all considering knocking the existing house down and replacing it with a modern home.

“The house is fairly rundown so the value was in the land,” Mr Devine said, adding that the property was a rare offering for the Strathfield area.

The auction attracted a crowd of about 50 onlookers, mostly neighbours.