This Edensor Park home had two price adjustments before it sold.
A BUYER looking to snap up a property with potential has secured one in Sydney’s south west for $640,000 — about $200,000 cheaper than the suburb’s median price.
The brick house at 42 Fitzgerald Ave, Edensor Park, hit the market last month with a guide of $695,000 to $725,000. But two weeks later, a price reduction saw the guide fall to between $670,000 and $695,000.
“We had quite a few inquiries but the biggest downfall was it had an electricity box in the front yard — and that can affect the price by five to 10 per cent,” selling agent Roy Marando said.
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The property will be rented out.
The principal of Marando Real Estate South West Fairfield also said the property “needed work”, which deterred some parties.
“We did see a few first home buyers but a lot can’t see the full potential and they have become more fussy. They want to walk in and see a modern home.” he said.
The size of the block can accommodate a granny flat.
The three-bedroom house on about 570 sqm sold to a local investor, who plans to renovate and build a granny flat on site.
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The buyer considered it a “small investment” as the property could soon generate about $1000 a week in rent, the agent said.
CoreLogic records show the last time it sold was in 1995 for $139,000.