A PROPERTY held by the same owners for decades has gone under the hammer and fetched $50,000 more than its reserve price.
The deceased estate at 5 Throsby St, Fairfield Heights, went to auction on Saturday with six registered bidders.
Selling agent Nickolas Dilles from Century 21 Fairfield said the 512 sqm block, which houses an original three-bedroom dwelling and a sleep out, generated strong buyer interest.
“This was a duplex site so all of the bidders were builders and they all took part in the auction,” Mr Dilles said.
“We had a reserve of $700,000 because that’s where our initial indications were but competition on the day pushed up the sale price,” he said.
Mr Dilles said while there was a great outcome, it was also a bittersweet sale filled with mixed emotions for the sellers, as the property had been in the family for up to 40 years.
“They were quite upset but in the end they were happy with the result,” he said.
The property sold to a builder who plans to demolish the old dwellings and add a duplex on the site, which is close to schools, shops, parks and transport.
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The median house price in Fairfield Heights rose 6.9 per cent in the 12 months to April to $801,500, according to CoreLogic figures.