A blank-canvas home in the inner-west of Sydney has sold for $235,000 above its expected reserve price.
The one-bedroom, one bathroom house at 22 Moore St in Rozelle had initially been listed with a buyer’s guide of $1.3m.
At the auction over the weekend, the stand-alone home received 16 bidders with 20 bids each inching their way towards the final $1.615m result.
Offering buyers a north-east aspect, the property appealed to both renovators and developers looking for the optimal blank canvas to create an opportunity to update the backyard, create a second bedroom or a home office.
Sold under the hammer by Cooley Auctions’ Jake Moore and listed by CobdenHayson’s Chad Egan to a successful young buyer who plans to renovate, the 151 sqm home is in a tightly held street that offers easy access to city buses and local schools.
“This home was definitely an outlier for us. Usually people want to stay away from properties that require extra cash to do up and renovate,” Mr Moore said.
“To receive 16 bidders on this home that needs renovation is incredible.”
Mr Moore said that there had been strong auction clearance rates over the past few weeks, with buyers meeting agents at their new, reduced, property prices.
Features of the property include an original electric kitchen with timber cabinetry, vaulted ceilings, tiled flooring, off-street parking and a front-to-rear side access to the garden.
Elsewhere in Sydney, a home offered for the first time in over 40 years sold under the hammer for $3.2m.
Initially listed by Raine & Horne agents Ross Musso and Daniel Maiese for $3.45m, the three bedroom, one bathroom property at 17 Moore St in Cabarita offered two street frontages with the chance to renovate, rebuild, or develop.
Offering a 518 sqm corner block, the double brick bungalow presented a house and land package for buyers in a premium waterside setting.
Some of the features included a gas kitchen, separate lounge room and dining area, two lockup sheds plus a large double garage in the rear of the property.
It also had the potential to add a second level for views of the city skyline or could be transformed into a duplex site to maximise value.
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