Tightly-held home sells above reserve | Innovation Tech

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A PROPERTY held by the same owners for decades has gone under the hammer and fetched $50,000 more than its price.

The at 5 Throsby St, , went to auction on Saturday with six .

Nickolas Dilles from said the 512 sqm block, which houses an original and a sleep out, generated strong .

“This was a 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 were but competition on the day pushed up the ,” 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.

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