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The 740-square-meter property is a rare opportunity to secure a flat block with city views in the peninsula enclave, Bagala said. Records show the house last traded for £4650 in 1956. Although the market was not as vibrant as before, blue chip properties were still selling at the same level as last year, Bagala added. Auction Troy Malcolm prepares to sell the house. Credit: Rhett Wyman Suburban home prices jumped more than a third in the year to March, according to Domain data, hitting an average of $4,115,000. In Rushcutters Bay, a first homebuying couple bought another fixer top—a one-bedroom apartment with study—for $641,000. There were eight registered bidders for the deceased inheritance at 3/70 Bayswater Road and five made bids after bidding opened at $500,000, pushing the price $91,000 above reserves. First-time homebuyers beat builders, investors, and other homebuyers for locks. That’s good news for a couple who are vacationing in Byron Bay and have families bidding on their

The 740-square-meter property is a rare opportunity to secure a flat block with city views in the enclave of the peninsula, Bagala said. Records show the house last traded for £4650 in 1956. Although the market was not as vibrant as before, blue chip properties were still selling at the same level as last year, Bagala added. Auction Troy Malcolm prepares to sell the house. Credit: Rhett Wyman Suburban home prices jumped more than a third in the year to March, Domain data showed, hitting an average of $4,115,000. In Rushcutters Bay, a first homebuying couple bought another fixer top—a one-bedroom apartment with study—for $641,000. There were eight registered bidders for the deceased inheritance at 3/70 Bayswater Road and five made bids after bidding opened at $500,000, pushing the price $91,000 above reserves. First-time homebuyers beat builders, investors, and other homebuyers for locks. That’s good news for a couple who are vacationing in Byron Bay and have families bidding on their

“You can never go wrong with the inner city area… the market may be down at the moment but it won’t be like that forever.” Happy shopper Martin Muscat (right) with his father John Muscat. Credit: Peter Rae An experienced apartment renovator, Muscat says he has factored in the higher building costs when deciding what he will spend on the house. He plans to make some repairs and rent it out temporarily, before tackling a larger renovation. “We wanted to turn it into a contemporary four-bedroom residence, and definitely wanted to keep the facade… we’ve added a few hundred thousand dollars into what we initially thought would cost and let’s hope it doesn’t exceed that.” Sales agent Gerardo Ricco, of Ray White Hurstville, was surprised by the turnout given the cold market and rapidly rising building costs. He had expected about 10 bidders. “The owner will take a little less [than the reserve] if we have to because the market is like that, but we don’t have to, just take off,” he said.

Is it too expensive? We can’t believe it’s too expensive. We think it’s priced in the upper range of the market. What do you think it will go for? We thought when we first got our hands on the property it could have been over $2 million at different times. We thought $1.9 million would be a very good price. The reserve price is about $1.89 million. What’s surprising about that? When we take [the listing] it is a two bedroom apartment. We’ve been around the lower north coast for years. There are many one-bed, two-bedroom apartments. They are very common. Three bedrooms is not much to begin with. We noticed the gap. Apartment vendors created a third bedroom by closing the formal dining area, which was originally a separate bedroom. We advised them to convert it to three beds which was the original plan. Someone who used to live there turned it into two bedrooms and used the third as a formal dining room. It definitely changes the whole pricing structure. If it’s two bedrooms,