A house on Sydney’s northern beaches has nearly doubled in value in the space of three years, thanks to a cosmetic refurbishment and an increase in demand for homes in the area.
The four-bedroom, three-bathroom home in Newport sold for $3,375,000 at auction on Saturday, a result that was nearly 90% above the record $1.8million it had traded for the last time in early 2018.
It was one of 515 properties slated for auction in Greater Sydney on Saturday for the fourth weekend of online auctions under the citywide lockdown.
50 Foamcrest Ave, Newport NSW 2106
Bidding for the house at 50 Foamcrest Avenue, just 250 yards from the beach, started at $2.7 million and climbed first $100,000, then $50,000 and $25,000 to $3 .3 million, before dropping to smaller increases.
Three of the five registered bidders made offers on the 556 square meter block, pushing the price $275,000 above the $3.1 million reserve.
The winning bid of $3,375,000 was made by a buyer from the Lower North Shore, who remarked to competitors that she “could do this all day” after going over $20,000 underbidder’s offer.
The result was $1,575,000 above the property’s previous sale price and well above the median suburban home price of $2.25 million, which climbed 23.3% over the of the year until March.
Sales agent Elder Lachlan of LJ Hooker Mona Vale said the large capital gain was largely driven by market conditions rather than the renovations, which included a new kitchen, bathrooms and other cosmetic upgrades.
The floor plan has also been reconfigured to turn one of the bedrooms and a bathroom into a separate self-contained living space, but the listing says this could easily be reversed by removing a non-load bearing wall.
Mr Elder said the bulk of the interest was coming from locals, with all interested parties except buyers from Willoughby already residing on the northern beaches.
He said strong buyer interest had continued so far throughout the lockdown and he preferred the use of individual inspections, which reduced visits to serious buyers.