Not just in Auckland: Sydney home sells for the second time in five months for $1 million-plus profit

PHOTO: 6 Julie Street, Marsfield. Photo: Belle Property Ryde

The extent of Sydney’s recent house price boom became even more evident at the weekend, after a home that sold for $1.72 million in November sold again on Saturday for $2.74 million.

The five-bedroom home at 6 Julie Street, Marsfield, was put back on the market as Sydney’s prices started to skyrocket.

Belle Property Ryde principal Phillip Allison said the vendor, who had development approval for a duplex on the 923-square-metre block, wanted to take up another project and decided to sell while the market was hot.

“He bought to build originally, but when the market was rising he saw an opportunity to buy other projects in and around the area,” Mr Allison said. “He was over the moon with the result.”

**6 Julie Street, Marsfield, had an approved permit for the buyer to build a duplex. Photo: Belle Property Ryde**

Thirteen registered bidders competed at the auction on Saturday, with a local family snapping up the home in Sydney’s north-western suburbs. The reserve was $2.5 million.

“That seems to be where the market is in terms of price,” Mr Allison said. “There is huge demand at the moment for homes with development approvals especially from builders who just want to get in there and start immediately.”

The sale came as Sydney’s preliminary clearance reached 84.8 per cent at the weekend, after 785 auctions were scheduled 584 results were reported.

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