Young upsizers splash $1.365m at auction on Croydon Park home
A family home held in the same family for 50 years has sold under the hammer for $1.365 million.
The property at 63 Hay St in Croydon Park had eight bidders register, with four participating.
Selling agent Matthew Nolan of Rich and Oliva said the property generated strong interest because of its large living areas and potential for future improvement.
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The buyer was a young couple upsizing from an apartment who had been looking in the area for around 18 months.
There was a crowd of around 60 people in attendance, with eight contracts issued and 55 groups through inspections.
Mr Nolan’s colleague Marco Errichiello had more success over at 14 Stanley St, where an out of area buyer looking for a spot to live with extended family snapped up the home for $1.92 million.
An opening bid of $1.4 million kicked off proceedings, with bidding increasing in $25,000, $10,000 and $5000. There were 11 bidders registered and four active.
There was around 100 people at the auction, with the property a very rare opportunity for buyers, having two homes on the same block.
The seller was downsizing as their family had held the property for over 70 years and added the second home to the rear of the block around 23 years ago.
Many of the interested parties were looking to add value to the land due to its large size.
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