In Sydney, buyers left empty-handed at the close of the auction season last year were snapping up unrenovated houses or properties without nearby amenities such as train stations at record prices.
A 634-square metre, three-bedroom unrenovated original 1930s home at 5 Amaroo Avenue, Strathfield with no convenient public transport services sold for $2.3 million on Saturday, through Richardson & Wrench's Paul Galassi. The home, three kilometres from Strathfield station, sold for $700,000 eight years ago.
"There is no snobbery any more," R&W chief auctioneer Peter Baldwin said.
"People are not looking at social pages and saying 'I want to live there' ... they are thinking 'I want the land, I want the house...we can make it work here'."
Read more: http://www.afr.com/real-estate/buyers-snap-up-properties-in-sydney-and-melbourne-weekend-auctions-20170212-guaxj4