In further evidence of the Sydney property market’s resurgence, a dilapidated three-bedroom home 14km from the CBD has achieved a price gain of almost $1 million in nine months.
The home in the inner-ring suburb of Ryde had development approval for the construction of two, four-bedroom luxury duplexes, and sold at auction last week for $2.345 million.
That’s a price jump of $955,000, after the seller purchased the property for $1.39 million in May last year.
According to First National Real Estate West Ryde, 10 registered bidders battled it out to secure the property at 10 Keppel Road, Ryde.
The brick home occupies 670sq m of land and has a northeast aspect from the rear of the block.
It is on the high side of the street, but its state of repair meant it generated more appeal for purchasers looking to knock down and rebuild.
Despite the fact the property acquired development approval, selling agent Robert Younis said he was surprised by the price the home attained.
“I’m amazed at the result achieved, considering the difference in purchase price and the sale price within such a short space of time,” Mr Younis said.
“A home in much better condition, only two doors down and on an identical block with the same orientation was sold for $2.15 million on March 6 this year.”
A ‘Complying Development Certificate’ is a NSW Government fast-track approval process for straightforward residential, commercial and industrial development, with approvals determined by local councils or accredited private certifiers.
The property was purchased by a builder and the under bidder was looking to develop the property, with the aim of living in one side and later selling the other.
