Rundown terrace sells $170k above reserve

Rundown terrace sells $170k above reserve

A rundown terrace in Surry Hills has sold an impressive $170,000 above reserve in one of the hottest auctions of the weekend.

The four-bedroom property at 406 Bourke St had four registered bidders, with two actively competing.

BresicWhitney-Darlinghurst agent Christopher Breedon sold it to a neighbour on the street for $1.82 million, with future plans to renovate and move in.

“It hasn’t been lived in for 10 years,” he said.

Bidding started at $1.6 million with all parties spurred on by the prospect of securing a blank canvas in such a desirable location.

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It had been untouched for 45 years and last sold for $35,000 in 1977.

The property was originally set to go to auction on February 16, but was brought forward due to strong interest from buyers.

“Interest has been really good, I’ve noticed a bit of a surge in buyer activity,” Mr Breedon said.

“There is still limited choice for buyers at the moment but there is some good competition.”


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