Reservation prices smash as ‘blue ribbon’ opportunities lure cashed-up developers

A knockdown reconstruction property in the heart of Eastwood sold over the weekend for $2.565 billion.

with full brick properties Hunts Avenue 8 in Eastwood It was purchased by the Reynolds family in 1956 and listed by Melrose Estate Agents Paul Tussone and Ahmad Maras at a reservation price of $1.98 million.

Auctioned by Michael Garofolo, the three-bedroom, one-bathroom home is near transportation, shops, and parks.

“This auction primarily saw developers and builders interested in the opportunity to turn it into a duplex site or dream home,” Garofolo said.

“Bidding started at $1.5 million and went up from there. It was a great auction with 9 out of 17 bidders competing aggressively.”

“The builder won a bid of $2.565 million. We believe this result shows that buyers are seeing attractive results from a home that could develop into other living amenities.” .”

Right price and right location, Garolofo said the house meets many criteria for a development site.
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The Eastwood home has attracted developers and investors at auction.

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The current home includes a separate living area, large bathroom with double shower, kitchen with sitting area, garden shed and access to the side of the property for a lockup garage and double carport. was

Elsewhere in Sydney, the first ‘once in a generation’ home offered since 1954 sold for $6.075 million.

The waterfront property at 16 Dorking Rd in Cabarita has received high interest from both locals and surrounding suburbs for upsizing and upgrading.

The house was purchased in 1956.

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Horwood Nolan agent and founder Ben Horwood listed it with a $5 million guide, with initial bids starting at $4 million.

Horwood said the bidding process had a slow start, but gradually sped up as five aggressive bidders seized the opportunity to own homes in the prime suburbs.

“The high-end market is still doing very well, especially for homes like this,” Horwood said.

A view of the dining area.

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Riley also pointed to home price ranges as evidence that rising interest rates are not impacting luxury properties.

“Today’s results show that generational properties in the Blue Ribbon region will always perform strongly regardless of market conditions.”