Developer pays $1.5 million over reserve for rundown Granville house

 

Frenzied bidding between six developers resulted in an unrenovated Granville house selling $1.53 million over reserve at auction on Saturday morning.

The house, which sold for $2,781,000, stands at the front boundary of a 1440-square-metre block at 33 Williams Street adjoining the Granville Diggers Club.

It was sold by an elderly woman – who had lived in the home for more than 60 years – and her grandson.

It was one of 715 homes scheduled to go under the hammer on what was the busiest July auction day on record.

By Saturday evening, Domain Group had collected 553 results and put the clearance rate at 79.7 per cent, the lowest rate recorded this year.

“The market is creaking under record winter listings,” said Domain’s senior economist, Dr Andrew Wilson.

Twenty five developers registered to bid on the Granville property, which is zoned R4 for apartments under Parramatta council’s codes.

Selling agent Tony Eltakchi of LJ Hooker Granville said the owners had, until recently, been unaware their land had been rezoned.

After the hammer fell the pair were close to tears. They said the result had changed their lives. Soon after, they drove off in their car. “They were off to Picton to buy a new house,” said Mr Eltakchi.

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Developer pays $1.5 million over reserve for rundown Granville house