A remarkable duplex in Maroubra was passed in at auction on Saturday 24th October 2015 at $2.81 million falling short of the owner’s reserve price.
The Domain Group found that the clearance rate at auction was down 0.7 per cent from the week before, however, Daniel Gillespie of Belle Property Bondi Junction believes that market conditions were not a factor.
Mr Gillespie said, “Going into today, this was not an unexpected outcome, but we do expect to sell within the next seven days.” The property had five groups registered to bid but only two bidders raised their hands on the day.
The home is need of extensive refurbishment and Mr Gillespie believes that the buyer will need around $4 million to buy and renovate the property to make it into a $5 million plus property. The property is in an amazing position with backyard views looking over the ocean.
Getting the builders in to do the renovations is an issue as Sydney is currently in the midst of a building and renovating boom. Here’s hoping a developer will convert this tired property into beautiful home that will command the multi-million dollar price tag it deserves.
With many properties in Sydney that have previously undergone renovation, you need to know that what you are buying is safe & structurally sound. We will provide you with a building & pest inspection report so that you know the condition of any renovations that have been performed.
Photo by Stilgherrian