1 Stansell Street, Gladesville, is described by the agents as “a rare find”. The four bedroom, single story brick home sits on 714.5m2 in a mixed use zone between an unit block and service station, which in real estate speak made it “only moments from all major shops and roads”.
It currently rents for $800 per week.
The Professionals Ermington described it as a “highly sought after opportunity” and were proved correct Saturday when it sold for $2.85 million – a staggering $1.1 million above the reserve.
Agent Paul Tassone told Domain.com.au that around 300 watched in disbelief as 28 registered bidders chased the property.
“The buyer was a developer who plans to rent it out before eventually redeveloping the site,” he said.
Domain reports a clearance rate of 84% among the 628 auctions in Sydney on Saturday.
Among the other properties that suggest the market is a long way from cooling were:
- A duplex in Moore Street, Coogee, went for $1.43 million – $530,000 above the reserve.
- A 4-br house on Belmont Road, Mosman, which will be rebuilt as two homes, sold for $2.235 million – $685,000 above reserve.
- A 1-br worker’s cottage in Little Bloomfield Street, Surry Hills, bought by a first home buyer for $840,000 – $90,000 above reserve.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.