Offered for the first time in 60 years, Cronulla home sells in 6 minutes

Real Estate

Builders have snatched up a scarce property in Sydney’s south at an auction over the weekend that lasted just 6 minutes.

The four-bedroom, and two toilet property at 11 Harbor St arrived to current market for the first time in 60 yrs and gave customers the possibility to order a 1,020 sqm block of land in Cronulla.

The property had a big improvement potential for customers, with a broad 20 metre frontage giving a blank canvas to change it into a desire dwelling or a duplex.

Offered through Gibson Partners agents Ivan Lampret and Farrah Tidmarsh, the property had a reserve selling price of $4.1m.

This Cronulla home sold in six minutes for $4.257m

This Cronulla residence marketed in 6 minutes for $4.257m

The auction bundled 8 registered bidders, four of which outbid just about every other in quick succession.

The effective bidder was a developer who in the end secured the house for $4.257m.

In accordance to auctioneer Andrew Cooley, the rarity and the prospect to secure the residence in the prime South Cronulla place was a main offering position for buyers.

“Almost all of the registered bidders who required to purchase this home ended up developers,” Mr Cooley said.

“Pockets like this one particular are rare, so when they come on the sector they generally get snatched up pretty rapidly.”

The home sits in a tightly-held area within South Cronulla.

The home sits in a tightly-held space in just South Cronulla.

Mr Cooley explained the placement of the household was also unique, currently being in shut walking distance to neighborhood icons these as the South Cronulla Bowling club, Salmon Haul Reserve, and Shelly Park and Beach front.

Duplexes in the South Cronulla location often provide effectively at auction, with the average duplex fetching charges of $3m.

A majority of the bidders at the auction were developers looking to transform the home.

A the vast majority of the bidders at the auction ended up builders searching to transform the home.

This falls in line with median home rates in the suburb, which have grown by 26 per cent around the past 12 months to $3.15m.

The existing assets on the land is composed of a 4 bed room spouse and children property with two separate residing spots, an original kitchen and bathrooms.

It also functions an east-to-west orientation and has area for a 3 car or truck lockup garage.
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