PHOTO: Domain Saturday Auction 1, Sydney. Story by Tawar Razaghi-auction by McGrath Wahroonga of 4 properties at 21, 23, 25 and 27 Isis St Wahroonga. Photo shows, Auctioneer Edward Riley during the successful auction. Photo by Peter Rae. Saturday 29 May 2021 Photo: Peter Rae
Neighbours and friends are banding together to cash in on Sydney’s booming property market, teaming up to sell their blocks as a combined development site.
A shortage of land for sale has prompted sellers to come together across the city to increase the value of their homes by marketing them for their development potential, with buyers paying a premium to be able to build their dream home or a medium-density development.
In the Sutherland Shire, a 1941-square-metre block has hit the market after two neighbours combined their properties at 1-3 Blacket Street in Heathcote.
It was triggered when one of the owners needed to downsize to move into care and went knocking on their next-door neighbour’s house with a proposal to sell together in the hopes of making more money.
“It seemed logical to combine the next door property to sell together, but they are two separate owners,” said Tony Gardner of Gardner Property Agents. “It was something they have always considered.”
He said they could sell individually to build duplexes but together they would fetch a much higher price.
With a $2.4 million price guide and the potential for low-density redevelopment such as townhouses, Mr Gardner said it had drawn out half a dozen developers.
“There is demand for land all over Sydney,” he said.
The seven-bedroom house at 1 Blacket Street last sold for $158,500 in 1992, records show.
Heathcote’s median house price is $973,000, Domain data shows.
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