Burwood site with DA for townhouses sells at auction for $260,000 above reserve
A Burwood property with a freestanding house and detached dwelling has sold at a pressure cooker auction for $260,000 above reserve at $2.46 million.
With eight parties registered to bid for 53 Nicholson St, the auction had a strong group of investors and developers who were attracted by the $1000 per week rental income and the possibility to build on the site.
The Nicholson St dwelling is located on a 580sqm block with R1 Zoning, and it also came with DA approved plans for four luxury townhouses.
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The plans included the construction of three-storey dwellings with direct street access and basement parking.
Approved by Burwood Council in April, the DA also mentions established gardens, balconies and outdoor terraces.
Bidding at the auction opened at $1.9 million and reached the reserve within minutes in front of a crowd of around 100 people. At this point it became a bidding war between two parties, before it sold for an impressive $260,000 above reserve at $2.46 million.
While plans for the site remain unknown, Belle Property Strathfield principal Norman So confirmed the buyer plans to “add value to the current site”.
The seven-bedroom, 560sqm site, had a $2 million-$2.2 million price guide and had strong inspection numbers during the course of the campaign.
The sale of 53 Nicholson St was one of many homes in the inner west to see its reserve tumble. While prices soared, the inner west saw its clearance rate drop from 92 per cent last week to 71.43 per cent.
This was driven by six of the 21 properties going to auction being passed in, but 11 still sold on the day and another four sold prior.
Meanwhile, Annandale saw a three-bedroom character property sell prior to auction for $1.435 million — $185,000 above the price guide.
The sale was finalised a week out from when 65 Ferris St was due to go under the hammer with Belle Property Annandale’s Robert Clarke and Michael Hallit.
Mr Hallit said the buyer was a local upsizer who made a pre-auction punt due to a lack of stock.
“With not much stock around, buyers are being increasingly proactive in an attempt to secure property before auction,” he said.
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