Fibro home in Sydney’s western suburbs is sold for double the reserve at a whopping $1.81million – baffling both the agent and the seller
- Fibro property in St Marys was originally put on the market for $890,000
- Incredibly, it sold on Saturday for $1.81 million, double the reserve asking price
- An investor snapped up the property, with current renters paying $280 a week
A fibro home in Sydney’s blue collar western suburbs has sold for a whopping $1.81million – baffling both the real estate agent and delighted home owner.
The 961 square metre block, on Gidley St in St Marys, was on the market for $890,000, only to be snapped up for double the reserve price.
Records revealed it was one of the highest prices ever paid in St Marys and surrounding suburbs for a single block minus high density zoning.
‘What happened was just exceptional, it is just amazing,’ seller Pieter Boele told realestate.com.au.
A fibro home in Sydney’s blue collar western suburbs (pictured) has sold for a whopping $1.81 million
The property at St Marys is close to shops, a public swimming pool and a train line to the Sydney CBD
‘(The auction) has changed everything. With this price, I don’t have to worry for the rest of my life.’
Mr Boele, 80, expected the property to sell for ‘around $1million’, despite $670,000 being the median house price in the working class suburb.
He also paid close to $450,000 for the property in 2012.
Selling agent Peter Diamantidis, from Ray White-St Marys, was stunned by the final price.
He admitted he had ‘no idea’ why it was so high, and after selling property in the area for two decades, conceded he has ‘never seen anything like this.’
Daily Mail Australia understands the property was sold to an investor, who intends to rent out the home, which currently fetches $280 per week.
An investor has snapped up the property in Sydney’s west at St Marys, with the current tenants paying $280 a week in rent
Bidding started at $900,000, before the final bid was a jaw-dropping $1.81 million.
Sydney’s sky high property prices have been a source of frustration for many Australians looking to own their own home in the Harbour City.
Earlier this week, a Sydney unit barely bigger than some walk-in wardrobes went on the market for just under $400,000.
The studio apartment at Balmain, in the city’s inner-west, has just 13 square metres of space and is so small it has a bunk bed above the kitchen sink and a fold-out dining table for one.
The property is relatively close to St Marys train station and the proposed Metro line
While that’s bigger than most standard bedroom closets, it is roughly the same size as a more deluxe walk-in wardrobe with lots of shelves.
The Mort Street residence in the old heritage-listed The Star Hotel is close to Sydney Harbour and a two-minute walk to a nearby ferry terminal.
House prices in Sydney are surging, rising by 11.2 per cent since January, according to CoreLogic data.