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The building also allows short-term rentals, which is another draw for investors, Blackman said.
“I can’t fault it. If the property didn’t have those features, there wouldn’t be much competition and it might not even sell. There are a lot of buyers but they are cautious,” she said. “The market is mixed and depends on the property.”
Records show the home last sold in 2004 for $222,000.
The average price of an apartment in Rushcutters Bay rose 25.9 per cent to $840,000 in the year to June, according to Domain data.
In Redfern, a rare 443 square metre block of land is being sold as two separate but adjoining residences as part of an estate sale.
The two-bedroom townhouse at 50 Kepos Street, which had a guide and reserve of $1.3 million, was the first to go under the hammer. The run-down house was offered at the guide price, with six of 10 buyers, a mix of builders and local owner-occupiers, bidding.
The 107-square-metre property sold for $1.81 million to a developer in the area.
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Meanwhile, some of those who missed out have continued to register to bid for the neighbouring three-bedroom house. 54 Kepos Streetwhich had a price guide of $2.4 million and was sold under the hammer immediately after the sale.
The 336-square-metre property opened at $2 million and with seven of the 10 bidders bidding, the range of bids increased until it sold to a Redfern upgrader for $3,805,000. The reserve was $2.4 million.
Mark Foy, of McGrath Surry Hills, said while some first-home buyers had tried to buy with the help of their parents, most were attracted by the rebuilding potential of the two properties.
“It’s a fairly unusual way to sell it. That’s sparked interest. Most people buy it to flip it or live in it themselves,” Mr Foy said.
He said second-home owners would spend a fortune renovating their home.
“They’re going to build an amazing house. I wouldn’t be surprised if they spent more than $2 million renovating it.”
The median house price in Redfern increased 15.1 per cent to $1,825,000 in the year to June.
In Lane Cove, a young family from Sydney’s south bought a four-bedroom house for $4.3 million. 42 Parklands Avenue.
Seven buyers, all young families upgrading from apartments and townhouses, registered to bid on the home, which had a price guide of $3.6 million. The reserve was $3.95 million.
Patrick Lang of Belle Property Lane Cove said the house was built in the 1950s and converted into a Federation-style residence by the sellers.
He said the market for upsizing was “huge” with many people looking to move closer to good schools and the CBD, but there was a shortage of stock.
Records show the home last sold in 2015 for $2,658,000.
The median home price in Lane Cove rose 10.4 per cent to $2.65 million in the year to June.
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