Vacant block brings $ 1.9m
AN engaged couple in their late 20s paid $1.915 million for a rare vacant block of land at Balmain East.
The 175sq m empty block, with DA approved plans for a four bedroom, three bathroom home, at 12A Union St sold for $415,000 above reserve. Belle Property Balmain agent Monique Dower said it was hard to put a value on the rare offering and the sale price exceeded her expectations.
She said the new owners plan to finish building within six months.
“It did well because of the scarcity; there’s no other land you can buy in the area,” she said. “All of the hard work is done with DA process, the new owners can start immediately.”
The other six registered parties were builders hoping to build and onsell. Auctioneer Nick Boyd had a strong and fast auction with three active bidders, accepting a first bid of $1.35 million and the second bid at the $1.5 million reserve.
Meanwhile, at Concord, an original post-war home at 9 Duke Ave was sold for the first time in 71 years.
The two-bedroom property on 510sq m of land sold for $2,005,000.
9 Duke Ave, Ave,AveConcord