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Why a buyer paid $4.million for a this tiny red-brick home in Cabarita, Sydney

Why A Silver-Plated Buyer Paid $4.7 MILLION — Nearly $500,000 Over Reserve — For This Tiny Red Brick Home He Doesn’t Even Want

  • The new owner plans to tear down the house and rebuild it from scratch
  • The last time the property was sold was 60 years ago when Australia was still using pounds
  • Three bidders drove costs well above the $4.25 million reserve price

A tiny red-brick home has sold for nearly $500,000 over the reserve price, and there’s a lot more money to spend on the property.

After spending $4.72 million for the three-bedroom, water-view home on Saturday, the new owner plans to tear it down and rebuild it.

The 399 sqm block was on the market for the first time in nearly 60 years, and Australia was not using dollars at the time – it sold for £6,500.

Three bidders continued to push the price for the house in the western Sydney suburb of Cabarita until it was well above the $4.25 million reserve.

The view from a humble west Sydney home that just sold for $4.72 million

The view from a humble west Sydney home that just sold for $4.72 million

The front of house in Sydney suburb Cabarita, which sold Saturday for nearly $500,000 more than the reserve

The front of house in Sydney suburb Cabarita, which sold Saturday for nearly $500,000 more than the reserve

The successful bidder, Bruce Turner, said he spent about $500,000 more than he hoped to get the house.

“We want to redevelop it, move in here and die,” said Mr. Turner, director of shading company Wynstan. Sydney Morning Herald after the auction.

‘It will be our forever home.’

Mr Turner, along with the same two rival bidders, had also competed for the adjacent block in 2016.

He started the bidding with a $3 million bid, and from there it usually went up in $100,000 increments until it reached $3.9 million.

The bids then rose in smaller increments, and at $4.35 million, the neighbor joined in the bidding, but it eventually got too high for him.

That neighbor teased Mr. Turner into buying his property in 2016 for $2.5 million.

Pictured is an aerial view of the Sydney suburb, with the house sold on Saturday highlighted

Pictured is an aerial view of the Sydney suburb, with the house sold on Saturday highlighted

Sales agent Ben Horwood said that while the price raised on Saturday was well above expectations, he was not shocked.

“It’s definitely more than we thought, but I’m not surprised it’s such a good quality plot,” he said.

He said that while “burst results” where the sale price is well above reserve became rarer, “the rest of the market is still in good shape.”

The nighttime view across the street from the house in Cabarita that sold for well above reserve price on Saturday

The nighttime view across the street from the house in Cabarita that sold for well above reserve price on Saturday

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