A BEACHSIDE Sorrento house on sale for the first time in nearly half a century has sold more than $450,000 above expectations.
The bidding for 27-29 Ivanhoe St continued well after it had been announced on the market at $1.9 million on October 27.
It changed hands for $2.365 million with five keen buyers all seeking a holiday home in a coveted pocket.
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Red Hill most searched suburb
The house is nestled in treed surrounds and close to the water.
“There were a couple of other bidders who were left out and the property just ticked all the boxes,” Prentice Sorrento director Max Prentice said.
The four-bedroom, four-bathroom property on a 1770sq m double block is a stroll to the beach and offers amazing water views.
The auction started strongly at $1.75 million which was at the bottom of the price guide.
“It sold well above expectations because of the amazing views and the location is tightly held,” Mr Prentice said.
The house has a dated style in need of a makeover.
It offers panoramic vistas.
All the buyers came from the city with plans for the house as a weekender and for future retirement.
“The property is an oasis in a very good location and is a solid home with good bones,” Mr Prentice said.
“It will need some work, but offers a lot of upside with views right across the bay and is close to Diamond Bay beach.”
The north-facing property has an open-plan kitchen, dining and living area plus a sunroom, wide balcony, large rumpus room, pool, external lift and a four-car garage.
The sale was one of just four peninsula properties that sold at auction for the week ending October 28, according to CoreLogic data.
Another four sold before auction and one after.
The peninsula recorded a 41 per cent clearance rate from 22 auctions. One property was withdrawn while 12 vendors saw their properties passed in.
SUBURB PROFILE: SORRENTO