Brothers spend $4 million to live next door

Two brothers have spent $4,024,000 to purchase a house in Concord, Sydney, with plans to build a duplex. This auction took place on Saturday, drawing interest from several bidders wanting to tear down the existing three-bedroom home. Bidding began at $3.9 million, which was $300,000 above the initial estimate. A local buyer made a strong bid to start, but the auction then slowed, progressing with smaller amounts until the final sale price was reached. The property already had approval to build a duplex, making it appealing to the brothers, who want to live close to each other. Market conditions show growing buyer confidence in Sydney. The selling agent noted that while there are more properties available, land parcels suitable for development are becoming rare. The previous owner rented out the house for many years and was pleased with the auction result. The property had been sold for $1.22 million back in 2009. In another auction in Belmore, a duplex site sold for $2,102,500. There were eight registered bidders, and four actively placed bids. The auction saw a mixed pace of bidding before reaching a price above the reserve. An agent mentioned that properties near train stations attract more buyers. In Surry Hills, a one-bedroom loft-style apartment fetched $1,050,000 during an auction. This sale involved three active bidders, with the couple ultimately outbidding two investors for the home. The vendor had held onto the property as an investment for 40 years. Experts in the market indicated that Sydney’s auction clearance rate of 68 percent is a positive sign for buyers and sellers. They believe that lower interest rates are encouraging both first-time buyers and investors to participate in the market. Upcoming events, including a federal election, are expected to affect buyer behavior and the property landscape.