Fibro house missing an essential feature in Sydney's Punchbowl sells for $883,000 at auction
A three-bedroom weatherboard home with an outhouse as its only toilet sold for $883,000 in Sydney's Punchbowl on Saturday.
The fibro house located at 875 Punchbowl Road was original and little touched for decades.
Pastel hues of mint green, popular in the 1950s, coloured the bedroom walls, bath and sink.
Eleven people registered to bid, and six actively bid. Bidding opened at $660,000 and jumped rapidly in $20,000 and $10,000 increments, soaring about the $700,000 to $750,000 guide until it hit the $800,000 reserve.
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Listing: See more images of the property here
Above the $870,000 mark, three families placed $1000 bids all the way to the final sale price of $883,000.
Due to the 360 square metre block size the property attracted all owner occupiers as there was no potential for building a duplex or granny flat for dual income.
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The buyer was a family upsizing from a unit in Campsie who had been searching for a property for six months. The vendor was an elderly lady who had been at the property for 48 years and was downsizing.
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Selling agent John Yatman from Ray White Punchbowl said it came down to competition, low stock and price point.
"It's under a million. There's low levels of stock at the moment," he said. "Buyers are feeling a little bit more hesitant. But I think in three to four months, we might see a little bit more of an impact on the market based on those rates. If you are thinking of selling I would probably sell it sooner rather than later."
The home last traded for $24,000 in 1975.
Elsewhere, a Victorian terrace at 17 Stanley Street in Burwood sold for $1.6 million, $300,000 above the $1.3 million reserve and $350,000 above the $1.25 million guide.
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Listing: See more images of the property here
Twelve registered to bid, and four actively bid on the deceased estate. The property had attracted 198 inspections during the campaign because it was well maintained, and the buyers were a young couple.
Selling agent David Pisano from LJ Hooker Strathfield said the price point was entry level for the area, which meant it drew a lot of interest.
"It was more than livable. Very cosy. You could move straight in without having to spend any money. Or you could update it in the years to come," he said.
This article was originally published in The Sydney Morning Herald