Hills acreage sells $800k above reserve

An acreage in the Hills District ­listed with a reserve price of $4.5 million has sold under the hammer for $5.3 million.

The four bedroom, one bathroom property at 102 Annangrove Rd attracted nine bidders with four actively bidding.

Benson Auctions’ Stu Benson sold the home alongside Rance Property’s Scott Rance.

Mr Benson said there were many familiar faces in the crowd overseeing the sale in the highly sought after pocket, with prices ­remaining high in the area.

A view of the auction at the Annangrove property.

“High end property, and particularly acreage, is the undeniable standout performer in the Hills right now, with clearance rates in these brackets still in the high 80 per cent range. Not only that, the volume of registered bidders tends to double the current market average,” Mr Benson said.

“It seems that those buyers who are perhaps less exposed to the pressures of the current RBA moves are the ones who are seeing now as an opportune time to upgrade, or add to their portfolio. Prices never stay low for long, and we haven’t seen a better time to buy in arguably the last 5 years in terms of sellers’ expectations.”

An aerial view of the Annandale property, which sold for $5.3m

Features of the Annangrove property include a large kitchen with an upright cooker and dishwasher and wide street frontage with a gravel driveway and multiple storage sheds.

Elsewhere a deceased estate in Granville sold for $1.32m, or $20k above the reserve price.

The five bedroom, two bathroom home at 76-78 William St is believed to have been built in 1910 and was placed on the market for the first time in over 60 years.

Prior to auction, the home received buyer feedback of around $1.1 to $1.2m and had 23 groups walk through the doors.

76-78 William St sold for $1.32m over the weekend.

Sold via McGrath Parramatta agent Rowan Thredgold, a range of investors, owner-occupiers, extended families and home businesses helped drive the property’s popularity.

“It was ultimately sold to a young local family with connections in the same area,” Mr Thredgold said.

“It’s in an excellent location within 100 metres of Granville shops, and is a character property free of heritage listing.”
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Hills acreage sells $800k above reserve

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