Land value in Sydney’s south west seals deal for keen buyer
A savvy investor looking to bag a bargain has secured a site with potential in Sydney’s south west.
Housing an old dwelling which “needs a lot of work”, the property at 16 Veron St, Fairfield, went under the hammer over the weekend and sold for $700,000.
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It had been inspected by 13 groups and a crowd of about 20 people saw it snapped up by the only registered bidder, who managed to secure it for $35,000 less than the suburb’s current median house price.
“With two bedrooms, the house was quite dilapidated so the biggest feature of the property was the land value — and it went for a fair price,” selling agent Daniel Starr from Starr Partners Merrylands told the Parramatta Advertiser.
“The best thing the buyer could do with it is build a granny flat at the rear,” Mr Starr said.
According to the agent, the property was previously held by a family as an investment. The long-term tenant had been there for 20 years.
The site has a 15.24m frontage and is close to the suburb’s train station and schools.
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As it is, the property has a potential rent return of $380 to $400 a week.
CoreLogic records reveal Fairfield’s median house price slipped by 9.3 per cent in the 12 months to January. There were 129 homes sold in the area during that time.