A Kingsford home that had room for another house for mum and dad in the back yard sold for $2.6m — $100k over reserve at auction.
Phillips Pantzer Donnelley agents Daniel Cachia and Siobhan Tierney had four bidders register at the recent auction of a four-bedroom home at 48 Middle St, Kingsford — and two of them fought for it.
The $50,000 bids were flying from $2.35m and it was all wrapped up at $2.6m — that’s $100,000 over reserve.
As usually needs to be the case these days for a property to sell well above expectations, this one had a lot going for it.
It was a level 600 sqm block with a decent house on it that came with a strata subdivision that allowed another freestanding house to be built in the back yard.
The two developers who turned up were hoping for a bargain — they just stood and watched an investor and the owner-occupier did battle.
Not a huge surprise that the family, from Burwood, who had fallen in love with it, won the day.
The parents were buying the existing house for their daughter, in her 20s, as a leg-up into the market.
And the plan is to build a new home in the backyard for the parents. A win-win for all.
Mr Cachia said it’s a “patchy” market.
“Good quality property is selling well,” he said. “Vendors who price their properties competitively are achieving the results.”
The price guide on the Kingsford home was $2.3m. And he said Kingsford was still considered good value for money.
“You get large blocks of land with proximity to the CBD and the beaches,” he added.
The arrival of the light rail — hopefully within the year — with a light rail stop at Kingsford Junction was also encouraging homebuyers.