One of Greystanes’s oldest homesteads has smashed the suburb record by $358,000 after it sold at auction for a life changing $2,608,000.
A crowd of more than 100 people gathered to watch the auction at 158 Macquarie Rd, which was catered for and included a guest appearance by a ‘town crier’.
Bidding opened at $1.6m and moved slowly towards the vendor’s undisclosed reserve before accelerating beyond at breakneck speed.
Four of the nine registered bidders battled for their chance to own a part of Greystanes’ history. All of the parties were families who had been captivated by the property’s charm.
Vendors Alex and Lynne Noor were “in happy tears” according to the agent, after having purchased the home 37 years ago for $140,000.
Mr Noor said they had struggled to afford the repayments on their 17.5 per cent interest home loan at the time, but it “had all turned out well.”
“It’s life changing for us,” Mr Noor said.
The massive profit equated to about $2.54m, or $68,000 for each year they owned it.
“It’s been bought by a very lovely family who are going to keep it as it is,” he said.
“We’re extremely pleased.”
He said they had extended and restored the property over the years after it was purchased as a three bedroom weatherboard farmhouse.
The house is believed to have been built between 1908 and 1911 part of a 22 acre poultry farm and orchard.
“The last subdivision was done in 1983, at which time it was still a double block of land at 1,410sq m,” he said.
Selling agent Karen Beebar of LJ Hooker Greystanes said the house was extremely rare.
“It was one of the original homesteads of the area,” Ms Beebar said.
“The block size was a massive appeal, as was the unique character. Greystanes is more of a 70s suburb, so a lot of red brick, blonde brick original homes. But this one has a lot of character and charm about it.”
She said the buyers were a local family.
The six bedroom house is surrounded by manicured gardens and has two street frontages.
Some of its most appealing features include 10ft ceilings, a butler’s pantry, a swimming pool and an ornate fireplace.
The auction was one of 854 scheduled for Sydney this week, up 19 per year on year based on PropTrack data.