Century-Old Sydney Cottage Fetches Over $4M: A Testament to Sydney’s Unstoppable Property Market!

Sydney’s property market continues to defy expectations with the recent auction of a century-old cottage in Wahroonga selling for over $4 million, more than $200,000 over reserve​1​. The cottage, despite having unsafe sections cordoned off, attracted more than 500 inquiries and ended with 11 registered bidders at Saturday’s auction, a testament to the strength of Sydney’s property market.

The property is located in Wahroonga’s prestigious “Golden Triangle” and had been in the same family for 100 years. It is not heritage-listed, giving it appeal to renovators and builders alike. This sale, coupled with several others over the same weekend, indicates a robust start to the winter selling season​1​.

In another striking example, a suburb record was smashed in Erskineville, where a four-bedroom terrace home sold for $4.2 million, $400,000 above reserve. The beautifully renovated property attracted eight registered bidders, beating the previous Erskineville record of $3.7 million​1​.

A home in Penshurst also surpassed its reserve by $455,000, selling after just two weeks on the market to a couple keen on renovation. The home’s location within the rarely-available McRaes Estate added to its appeal​1​.

Meanwhile, a four-bedroom home at St Johns Park went $300,000 over its reserve, selling for $1.5 million. This marked an electrifying start to the winter selling months, the highest clearance since late 2021​1​.

Despite the start of winter often indicating a decline in auction activity, PropTrack’s director of economic research, Cameron Kusher, reported a 17% increase in auctions across Sydney compared to last year​1​.

These extraordinary auction results underscore the strength of Sydney’s property market. Sydney’s property auctions are indeed smashing reserves, just as a recent tweet from realestate.com.au highlighted​2​.

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