A four bedroom home that offered a significant opportunity for potential developers and investors has sold under the hammer for $2.426m over the weekend.
The 720sqm property at 102, The Avenue in Hurstville gave buyers the chance to own 15 metres of frontage and allowed the flexibility to design their new home or duplex subject to council approval.
The two bathroom property saw a significantly sized crowd on Saturday, with a majority of interested bidders being local to the area and identifying themselves as investors and growing families.
Bidding on the home opened at $1.7m and slowly increased from there before briefly stalling at around $1.8m.
A buyer who was determined to blow out the rest of their bidding competition raised the price to $2.2m, before bidding re-commenced.
The property ultimately sold for $176,000 above the reserve price, enjoying 19 registrations and five active bidders.
The Hurstville property was listed via Ray White Hurstville Principal Michael Curtis who told The Daily Telegraph that the listing had seen a ‘super strong’ level of interest prior to auction, with 10 or so bidders predicted.
“We’ve had the bulk of the homes in this area rising in prices, with increases in the number of groups walking through the property, huge registration figures prior to auction, good inspection levels etc.
“Last year, I think buyers were worried about rising interest rates and the associated costs of renovating or rebuilding a property like this. I think the returning levels of stock on the market and the appropriateness of the price guide has seen things going back to normal.
Location was a major selling point for the Hurstville home, being situated within walking distance of both local shops and the train station.
Features of the current existing home include a formal lounge room and dining area, an updated kitchen with a large bench space, side access to the oversized garage and separate workshop, and a north facing backyard for entertainment.
Hurstville itself has experienced a significant level of growth over the past year, with the suburb’s median price jumping up 15.9 per cent since February 2022.
Houses in the suburb now cost $1.97m on average to purchase, being predominantly popular for growing families, professionals commuting to the city, and investors.
