Chatswood micro lot sold for $2.02 million after 17 bidders

Jessica Cao of Ray White Upper North Shore said the property was not a standard price, nor a standard home.

“Originally, the city council planned to use this block as a driveway for shops, but it was later abandoned. That’s why it’s so small,” Cao said.

“It shows that the market in the area needs smaller, more affordable homes compared to the typical four- or five-bedroom home on a 900-square-metre block of land,” she said. “No young family can afford a home like that.”

Elsewhere, a development-approved house just metres from Maroubra Beach sold for $500,000 more than it had 19 months earlier, despite passing in at auction.

This three bedroom double fronted full brick home is located in 27 Tewett Street It has a price guide of $3.3 million.

Bidding opened at $2.9 million, with three of the four registered buyers bidding, a mix of builders and investors.

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But it was eventually sold at $3.36 million. It was sold at $3.4 million. The reserve price was $3.5 million.

McGrath Maroubra’s Josh Karam said the buyer planned to renovate and live in the property before selling it.

“They’ve bought, built and sold homes in the past, so they’ll like this one too. If you use it as your primary residence, you avoid capital gains tax,” he said.

Mr Kalam said coastal homes performed well in any property cycle.

Maroubra’s median house price increased 12 per cent to $2.8 million in the year to March.

Mixed-use terrace in Darlinghurst 95 Crown Street Sold to an investor who lives nearby for $2,508,000.

The four-bedroom residence, which comes with a studio and a rooftop terrace, had a price guide of $2.35 million and attracted four registered buyers.

Bidding started at $2 million and, with the help of three buyers, it surpassed the reserve of $2.5 million.

Mark Matthews of LJ Hooker Double Bay said the successful buyer outbid an owner-occupier from St Kilda, Melbourne, and planned to resell the home.

“He was a lawyer by profession, but his side business was flipping properties. He had his own builder and did his own project management,” Matthews said.

He said while properties take longer to sell, he would only put a property up for auction if there was enough interest.

Records show the home last sold in 2022 for $2.75 million.

The suburb’s median house price fell 8.5 per cent to $2,075,000 in the year to March.