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Sydney property sells well above reserve

An auction property in Sydney has gone for more than 45 per cent above the reserve amount.

An auction property in Sydney has gone for more than 45 per cent above the reserve amount.

The one-bedroom apartment in Elizabeth Bay sold for $655,000 – it was originally purchased for $25,500 in 1974, reports the Sydney Morning Herald.

A total of 23 registered bidders turned out for the auction of the 46 square metre home on the top-floor of the Barncleuth Square building. The opening bid met the reserve of $450,000 and the interested parties included a mix of investors and those looking for a home.

"The two main protagonists in the end were an investor and a couple who were owner-occupiers," said Mr Caldwell-Eyles.

He added: "The investors won and they had been on it since week one. They came in late to the bidding and didn't look like stopping."

Last month, the most expensive residential property in Australia history went on the market in Sydney. Elaine, built in the 1860s, is on Sydney Harbour and can be purchased for offers around $100 million.

Posted by Craig Francis.

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