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An ugly duckling house in Western Sydney has smashed local records to sell for nearly $600,000 over the reserve at auction, but the result revealed how savvy buyers are.

The daggy and dated three-bedroom home at 3 Gregory Street, Ermington, sold for $2.38million, $580,000 over the reserve and nearly $400,000 above the most optimistic expectations.

A Western Suburbs family paid a record price for the 708 square metre property and are understood to be developing it to place duplexes on the site.

The modest three bedroom home at 3 Gregory Street, Ermington, sold for $2.38million, $580,000 over the reserve and nearly $400,000 above the most optimistic expectations

The modest three bedroom home at 3 Gregory Street, Ermington, sold for $2.38million, $580,000 over the reserve and nearly $400,000 above the most optimistic expectations

The modest three bedroom home at 3 Gregory Street, Ermington, sold for $2.38million, $580,000 over the reserve and nearly $400,000 above the most optimistic expectations

The daggy early eighties decor and unrenovated nature of the house was obviously not what attracted so many eager potential buyers

The daggy early eighties decor and unrenovated nature of the house was obviously not what attracted so many eager potential buyers

The daggy early eighties decor and unrenovated nature of the house was obviously not what attracted so many eager potential buyers

The dated decor inside 3 Gregory Street did not deter 100 people - including 19 bidders - from attending the auction

The dated decor inside 3 Gregory Street did not deter 100 people - including 19 bidders - from attending the auction

The dated decor inside 3 Gregory Street did not deter 100 people – including 19 bidders – from attending the auction 

It was the first time the property, which also included a granny flat, had been on the market for 69 years after remaining with the same family all that time.

While the Gregory Street property was shy of the Australian dream of a quarteracre block, agents said it was larger than most available blocks in the area.

In addition, the house is across the road from a large reserve and a few streets from a massive proposed shopping and residential precinct, which is set to the transform the neighbourhood by 2026.

The auction attracted over 100 people with 19 registered bidders.

The daggy early eighties decor and unrenovated nature of the house was obviously not what attracted so many eager potential buyers.

Paul Tassone from The Professionals at Ermington told Daily Mail Australia the size and location were the reasons 3 Gregory Street the sale smashed the auction price for Ermington. 

“It was the perfect storm of a big property in a great location,’ Mr Tassone said.

A Western Suburbs family paid a record price for the 708 square metre property and are understood to be developing it to place duplexes on the site

A Western Suburbs family paid a record price for the 708 square metre property and are understood to be developing it to place duplexes on the site

A Western Suburbs family paid a record price for the 708 square metre property and are understood to be developing it to place duplexes on the site

The sale eventually broke the auction price record for Ermington, selling for $2.38million - a remarkable $580,000 above the reserve price

The sale eventually broke the auction price record for Ermington, selling for $2.38million - a remarkable $580,000 above the reserve price

The sale eventually broke the auction price record for Ermington, selling for $2.38million – a remarkable $580,000 above the reserve price

‘It was a record, but it deserved to be a record. If it went on the market again this Saturday, it’d probably reach the same price.’

He said there had been several ‘crazy’ results lately, pointing to an eastern suburbs home that sold for an incredible $1.2million over the reserve.

That was a renovated four-bedroom home at 313 Botany Street, Kingsford, which sold for $4.55million – a remarkable $1.25million over the minimum sale price.

‘In a market like this, good properties are always going to do great business,’ Mr Tassone said.

The auction clearance rate at the weekend was 71 per cent – the fourth week in a row that the auction clearance rate was below 80 per cent.

Clearance rates of 70 per cent are thought to equate to annual price growth of around 10 per cent.

Source: DailyMail

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