IMMENSE buyer interests and cracking auction terms have resulted in a sales price of 1,485 million. USD for a property in the south west.
An original 1950s home of more than 640 sqm in Westmead went under the hammer with 35 contracts issued and after about 90 inspections.
Sales agent Ramez Riad from Harcourts Parramatta said the auction held for No.48 Moree Ave was easily his agency's best during the last six months.
"It was crazy. We had 19 registered bidders and there were 43 bids – 31 of them went ($ 285,000) over the reserve of $ 1.2 million," said Riad and added many of the keen homeowners were abandoned early .
The old house has three bedrooms and two bathrooms. Also on the property is a detached carport and garage.
The block of land is in a popular schooling area in Westmead Public School and Parramatta Marist High.
The cutters have bought a unit in Wentworthville. The buyer is from Newington and plans to rent the old home and later knock it down to build a family house, according to Mr. Riad.
CoreLogic figures reveal house prices climbing in Westmead, a suburb with a current median of 1,425 million. $.
There were 26 homes sold there for 12 months to April.