Acreage in the Hills District listed with a reserve price of $4.5 million was sold under the hammer for $5.3 million.
The four-bedroom, one-bathroom property in 102 Annangrove Road attracted nine bidders, four of whom are actively bidding.
Stu Benson of Benson Auctions sold the house alongside Scott Rance of Rance Property.
Mr Benson said there were many familiar faces in the crowd watching the auction in the much sought-after pocket as prices remained high in the area.
“Premium property, and acreage in particular, is undeniably the best performer in the hills right now, with clearance rates in those brackets still in the high 80% range. Additionally, the volume of registered bidders tends to double the current market average,” Benson said.
“It appears that the buyers who may be less exposed to the pressures of the RBA’s current moves are those who see now as an opportune time to upgrade or add to their portfolio. Prices never stay low for long, and we don’t ‘ve not seen a better time to buy in the last 5 years in terms of sellers’ expectations.
Features of the Annangrove property include a large kitchen with an upright cooker and dishwasher and a wide street frontage with a gravelled driveway and several storage sheds.
Elsewhere, a defunct estate in Granville sold for $1.32 million, or $20,000 above the reserve price.
The five-bedroom, two-bathroom home in 76-78 William Street believed to have been built in 1910 and first brought to market in over 60 years.
Prior to the auction, the home received buyer feedback of approximately $1.1-1.2 million and had 23 groups through the doors.
Sold through Rowan Thredgold, agent for McGrath Parramatta, a range of investors, homeowners, extended families and home-based businesses have contributed to the property’s popularity.
“He was eventually sold to a young local family with connections in the same area,” Mr Thredgold said.
“It’s in an excellent location less than 100m from the shops of Granville, and it’s an unlisted character property.”
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Originally published as Hills acreage sells for $800,000 above reserve