By Robert Carry
An unrenovated Surrey Hills terrace on the Sydney suburb's Davies Street has sold at auction for $150,000 above its reserve price.
Laing & Simmons secured an $891,000 price tag for the terrace after seeing strong interest in the weeks prior to auction. Laing & Simmons Surry Hills director Brett Ozanne said his firm took over 200 potential buyers through the property for inspections and over 100 were in attendance at auction. "The impressive final price was the result of spirited bidding from 14 registered parties," said Ozanne.
The inner city suburb has long been popular with young home buyers although Ozanne said investors had been returning to the market in numbers on the back of attractive rental yields.
He pointed out, "The residential market in Surry Hills and surrounding suburbs comprises a large proportion of terraces, many with the potential for renovation. This kind of stock is extremely popular."
Ozanne added that he expected similar demand for 58 Mary Street; another unrenovated Surry Hills terrace set to go up for auction on Saturday 7 November. The two-storey property features three bedrooms, an east-facing rear courtyard and potential for off street parking. Ozanne said he was already fielding a large
number of enquiries from home buyers and investors.
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