Snatched up for a “bargain” price six years ago, a Kensington Gardens bungalow just claimed the highest sale price of the past week – all thanks to a head-turning renovation.
The four-bedroom home at 4 Brigalow Ave, sold at auction for $1.5 million – $492,500 above the suburb median of $1,007,500, according to CoreLogic.
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It also sold $630,000 more than it did six years ago, turning a “nice little profit” for the vendors, according to selling agent Scott Moon of Harris Real Estate.
“They definitely got it for a bargain. It’s a great family home on a large 1110sqm block and beautiful, open-plan living spaces,” he said.
“They did a great job in renovating it and the entertaining area in particular is a feature piece of the home.
“The property in general just has a very homely feel and I think buyers respondent to that.”
The original 1920s Californian bungalow featured four bedrooms, two bathrooms, a study and a large open-plan living, dining and kitchen area at the rear.
A back veranda overlooked a resort-style swimming pool with a nearby pavilion for more outdoor entertaining. It made for a stark contrast to the previously plain rear yard.
Mr Moon said 75 groups attended open home inspections, not counting several private viewing during the two-and-a-half week auction campaign.
“We had really good interest in the property and the auction went really well, but we did have a few last minute exclusions because of finance restrictions,” he said.
“However, we still ended up with plenty of people in the background, a crowd of about 100, and three bidders – two of which were active bidders.
“Bidding started at around $1.2 million and at $1.43 million we went into negotiations with the buyers – a local family looking to make the property their new dream home.”