Fibro’s house in Sydney’s western suburbs is sold for double the reserve for a whopping $ 1.81 million – baffling both the broker and seller
- Fibro’s St Marys property was originally marketed for $ 890,000
- Incredibly, it sold for $ 1.81 million on Saturday, double the reserve asking price
- An investor bought the property and the current tenants paid $ 280 a week
A fibro house in Sydney’s western suburbs has sold for a whopping $ 1.81 million – baffled to both the real estate agent and the delighted homeowner.
The 961-square-foot block, on Gidley St in St. Marys, was on the market for $ 890,000, but sold for double the reserve price.
Data showed it was one of the highest prices ever paid in St. Marys and the surrounding suburbs for a single block minus high-density zoning.
“What happened was just exceptional, it’s just great,” said salesman Pieter Boele realestate.com.au.
A fibro house in Sydney’s western suburbs (pictured) has sold for a whopping $ 1.81 million
The St Marys property is close to shops, a public swimming pool and a rail line to the Sydney CBD
‘(The auction) has changed everything. With this award, I don’t have to worry for the rest of my life. ‘
Mr. Boele, 80, expected the property to be sold for “about $ 1 million,” despite $ 670,000 being the average house price in the working-class suburb.
He also paid nearly $ 450,000 for the property in 2012.
Sales broker Peter Diamantidis, of Ray White-St Marys, was amazed at the final price.
He admitted he had ‘no idea’ why it was so high, and after selling real estate in the area for two decades, admitted he had ‘never seen anything like it’.
Daily Mail Australia understands that the property has been sold to an investor who plans to rent out the house, which is currently raising $ 280 per week.
An investor has bought the west Sydney property in St Marys with current tenants paying $ 280 per week in rent
Bidding started at $ 900,000, before the latest bid was a whopping $ 1.81 million.
The skyrocketing real estate prices in Sydney have been a source of frustration for many Australians who wanted to own a home in Harbor City.
Earlier this week, a unit hit the market in Sydney that was barely bigger than some walk-in closets for just under $ 400,000.
The studio apartment in Balmain, in the west of the city, has only 13 square feet of space and is so small that it has a bunk bed over the counter and a fold-out dining table for one person.
The property is relatively close to St Marys train station and the proposed tube line
While that’s larger than most standard bedroom closets, it’s about the same size as a more luxurious walk-in closet with lots of shelves.
The Mort Street residence in the old Grade II listed The Star Hotel is close to Sydney Harbor and a two-minute walk from a nearby ferry terminal.
According to data from CoreLogic, house prices in Sydney have risen 11.2 percent since January.