FIFTY four years after Steve Pickering’s father paid £10,000 for their Strathfield home, it sold under the hammer for a whopping $3 million.
The three-bedroom 1950s house on 1113sq m at 101 Newton Rd attracted 12 registered bidders.
After opening at $2.5 million, seven buyers actively contested for the property in bids ranging from $50,000 and $25,000.
The hammer fell in under 10 minutes with the sale price smashing the reserve by $400,000.
Listing agent Steven Devine, from Devine Real Estate Strathfield, saw through 60 groups of buyers at inspections and issued 15 contracts.
“The buyer was a local family looking to build their Strathfield dream home,” he said.
Vendor Steve Pickering was 11 when he moved into the home after his late parents bought it in 1962.
“There are a lot of good memories of family gatherings here. It’s sad but it’s time to move on for all of us,” he said.
Mr Pickering, who lives in a neighbouring street in Strathfield, said he was very pleased with the result.
“I’m not surprised because I’ve been going to auctions in the district for the last year or two,” he said.
“I was confident because there are very few undeveloped blocks of this size in the area.”
Mr Devine said the sale was indicative of how strong the Strathfield market was.
“There are not a lot of properties on the market at the moment and that’s underpinning the prices,” he said.
According to CoreLogic RP Data, the median house price in Strathfield is $2.225 million.