A rundown house at 39-41 Excelsior Ave in Castle Hill has sold for $3,332,500.
An original Castle Hill house with a crumbling, murky swimming pool has sold at a virtual auction for almost $1 million about the reserve price.
The Excelsior Ave property on a rare 1884sqm parcel was the centre of an epic bidding war that saw the auction drag out for well over an hour.
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A total of 39 buyers registered to take part in the auction of the unusual corner block property with a 75m frontage that was being for the first time in 56 years.
The property took 72 minutes to sell at auction.
The bidders were watched on by a virtual crowd of 211 people streaming the auction via Auction Now. It took just a handful of bids for the property to surpass the reserve of $2.42 million.
Auctioneer Stu Benson fielded a whopping 147 bids throughout the 72 minute auction before it sold for $3,332,500 — $912,500 above the reserve.
Merc Real Estate’s Mechlenne Douaihy said majority of the bidders were wiped out of the auction early on before it eventual became a two-horse race.
“The last two bidders just kept trading bids between them with neither refusing to give it up,” she said.
The new owners are looking to develop the site.
The landholding was purchased by several families who run a building company and are now planning to develop the site. Ms Douaihy said it essentially sold for value due to the home needing some work.
“It just shows the demand for land in Castle Hill at the moment that buyers will pay this sort of money,” she said.
The new owner has the potential to subdivide the parcel or build two houses if approved by council.
Ms Douaihy said the sale almost never happened with her vendors initially hesitant about listing during the lockdown.
Original interiors.
“We really told them that they needed to list now because there was not enough supply to meet all of this demand we are seeing at the moment,” she said.
“They are now thrilled they did go to market.”
In nearby Kenthurst, an acreage with two dwellings fetched $685,000 above expectations when it sold online for $4.158 million.
The sale of 2.1ha estate at 58A Annangrove Rd also took more than an hour to complete with
130 bids traded during the virtual sale.
Listed with Lumby Hampson’s Will Hampson and Kate Lumby, it was the third most expensive property to sell in the semirural suburb this year
The post Original Castle Hill property sells for $1 million above reserve after 72 minute auction appeared first on realestate.com.au.
A rundown Castle Hill house on a large block and with a murky swimming pool has sold for an eye-watering sum after an epic auction that lasted for over 70 minutes.
The post Original Castle Hill property sells for $1 million above reserve after 72 minute auction appeared first on realestate.com.au.