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.
Bidding opened at $4 million and increased in increments of $100,000 and $50,000 before slowing to bids of $10,000 and $5000.
“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.
The price guide for the property at 64 Barker Rd had been $2.9 million and the reserve was understood to be $3 million.
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.