Investor sees potential in $860,000 fibro home in Sydney's Doonside
A fibro home in Sydney’s Doonside was snapped up by an investor at auction.
The two-bedroom, one-bathroom property at 23 Wangara Street sold for $860,000 on July 29, agent Josh Tesolin of Ray White Quakers Hill, who holds the listing, tells Nine.
There were 13 registered bidders and nine active, with Tesolin adding that the result “went well above reserve”.
The home was listed with a price guide of $650,000. Domain’s Property History reveals the abode last sold for $290,000 in July 2011 and was a rental until June 2022.
During its campaign, the one-level home on a 645-square-metre block of land was marketed towards “first-home buyers, investors and downsizers”.
The $650,00 price guide made it ideally suited to first-home buyers, with new stamp duty laws in place as of July 1.
The Labor government has revoked the Liberal Party’s land tax option for first-home buyers and replaced it with a broader stamp duty regime of exclusions and concessions, which apply to a higher price bracket.
From July 1, the threshold for zero stamp duty on a property in NSW, for a first-home buyer only, increased from $650,000 to a fresh benchmark of $800,000.
The sold weatherboard offers potential with its modern interiors. Polished floorboards and crisp whitewashed walls feature throughout.
There’s also a deck and a spacious rear yard that’s made for entertaining.
Doonside is a residential Sydney suburb, 40km west of the CBD. There are not enough sales over the past 12 months for Domain to obtain a median house price for the suburb.
Meanwhile, the auction result highlights the overall trend we are seeing across the combined capital cities.
Domain’s Auction Report for the June 2023 quarter, reveals that the auction clearance rate across the combined capitals have surged to 78.2 per cent. All capital cities have seen a monthly and annual increase, according to the data.
Sydney remains the best-performing capital city with a clearance rate of 81.7 per cent, followed by Melbourne at 76.2 per cent. The clearance rates for Adelaide and Canberra are both above 70 per cent. Brisbane has the lowest at 65.4 per cent.
