PHOTO: 75 Llewellyn Street, Rhodes, sold under the hammer for $1.4 million above the reserve. Photo: Horwood Nolan
A Sydney inner-west home in need of a major renovation or a rebuild sold under the hammer for $6.9 million, an eye-watering $1.4 million above reserve.
It was the first time the three-bedroom home at 75 Llewellyn Street, Rhodes, had hit the market in more than 50 years, with the buyer planning to move in with the family.
A group of 16 registered bidders, including families and developers, competed for the property during a weekend dubbed Super Saturday because more than 1000 auctions were held.
Sydney’s preliminary clearance rate soared to 88.3 per cent after 1227 auctions were scheduled and 865 results were reported.
It was the fourth weekend in a row in which the clearance rate reached such heights, as buyers continued to rush to the market.
Horwood Nolan principal agent Ben Horwood said the sale price of the Rhodes property was completely unexpected.
“It sold for a lot more than we anticipated,” Mr Horwood told Domain. “The last house to sell in the area was on a bigger block of land and it had a much nicer house and it sold for $5.4 million, so we were expecting to see in the mid-$5 millions.”
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