New chapter for old property

New chapter for old property

An old cottage that is worlds apart from its neighbouring homes in Sydney’s north has changed hands after 81 years.

With outdated interiors and three bedrooms painted in pastel colours, the property at 3 Fern Rd went to auction over the weekend with 10 registered bidders.

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Bidding opened at $2 million and the hammer fell at $2.65 million — $50,000 above reserve.

“This was a very unique opportunity to buy an undercapitalised property in a fantastic spot,” Sharon Vincent, from Vue Estate Agents Hunters Hill, said.

She said the property presented value for money, considering another house in the street recently sold for $4 million, while the one next door fetched $6 million in 2015.

Just one house back from the water in the suburb’s desirable Pulpit Point estate, the home is set on a 543 sqm block.

The purchasers were a local family, who have plans to knock down the existing dwelling and rebuild.

Ms Vincent said two of the three sellers were on-site during the auction action and were pleased with the final result.

“It belonged to two brothers and a sister and had been in the same family for 81 years … they were absolutely delighted,” she said.

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The median house price in Hunters Hill jumped 22.3 per cent in the past three years and rose 1.1 per cent in the 12 months to November to $2.875 million.

There were 123 homes sold in the suburb during that time, according to CoreLogic records.

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