$3.5m Sydney home sold in just 90 seconds
There then followed aggressive bids, mainly in $50,000 increments, and a minute and a half later the hammer fell at $3.45m with a young family from Chatswood the new owners.
Patrick Lang, of Belle Property Lane Cove, says the initial guide for the red-brick home was $2.75m but such was the level of interest that guide was raised to $3m and on auction day the reserve was $3.2m.1 Dulwich Rd, Chatswood“Eighteen months ago the cost of renovations were so high people wanted fully finished houses but those properties are now in the $5m-$6m range so people are reverting back to buying an old house in a good street with the view of extending it in the future,” Lang says.
“There are normally around 1000 auctions in Sydney each week but recently we have had 780 or 832 and one week in May there were only 507,” he says.is $2.7m, down 17 per cent over the past 12 months.
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