Real Estate

rundown neutral bay home sells for 200k above the guide

Written by The ReReport

No. 43 Spruson St, Neutral Bay, sold for $3.2 million — $200,000 above the guide.

THE lower north shore is continuing to hold up, despite Sydney’s clearance rate reaching 50.2 per cent on the weekend.
This was 12 per cent below the lower north shore’s clearance rate of 62 per cent.
The strongest recorded result was $3.2 million for a rundown home on a 900sqm block at 43 Spruson St, Neutral Bay.

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Selling the day prior to auction, five parties battled it out in a pre-auction bidding frenzy.

Real EstateThere is a massive rock located in the backyard.

McGrath’s Piers van Hamburg and Alex Meyers said the pre-auction sale was $200,000 above the $3 million price guide.
“The vendors are delighted, all the feedback had been in the high $2 millions, so to go over is a great result,” Mr van Hamburg said.
The final sale price was well above the first submitted offer of $2.675 million.
Locals who lived on the same street are the new owners and it was the first time the home had ever been on the market.

Real EstateThe home is need of a renovation.

Real EstateThe Spruson St home sits on 900sqm of land.

The buyer’s are unknown at this time, but they could develop the land by renovating or rebuilding.
Mr van Hamburg said big appeal was the fact the home sat on 900sqm of land in Neutral Bay.
“It is so rare to get this much land in Neutral Bay, it just doesn’t happen all that often,” he said.
There was a big rock in the backyard, which Mr van Hamburg said effected the value for some interest buyers.


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