Belle Property

Wrecked home sells for $900k over reserve

PHOTO: Auctioneer Andrew Robinson at the sale of a rundown Crows Nest home. Picture: David Swift Source: News Limited

It required nearly $1m in work but a rundown house defied expectation at a rainy auction with a price $900k above the vendor’s reserve and $2.87m above what she paid for it.

A crumbling, uninhabitable house on the north shore requiring about $1 million in work to bring it up to the standard of neighbouring homes has sold under the hammer for $3 million.

The price for the two-bedroom home on Emmett St in Crows Nest was $900,000 over an already ambitious reserve price of $2.1 million.

A crowd of about 150 people huddled under umbrellas in the heavy rain to watch the bidding unfold, including 25 registered bidders.

Selling agent Chris Davies of Belle Property-Neutral Bay said the home had attracted considerable interest in the lead up to the sale.

“It caught the imagination of people who wanted a project,” Mr Davies said.

18 Emmett St, Crows Nest defied price expectations.

18 Emmett St, Crows Nest defied price expectations. Source: Supplied

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