T.G. Millner sports fields at Marsfield will cease to operate as a community asset after a bid by Ryde Council to rezone it as open space left the owners furious.
The auctioneer said there were very few cheaper alternatives for a house in the region.
The high-end house with its own home cinema and underground car park was a mortgagee-in-possession auction.
It seemed simple enough:build mass housing between two Metro stations in a suburban business district full of good jobs.
The three-bedroom apartment failed to sell under the hammer,passing in at $3.8 million. But with three buyers still interested,that wasn’t the end of the bidding.
They outbid eight other buyers for the two-bedroom home spanning just 76 square metres. The cottage last sold for $395,000 in 2000.
The Meriton founder has questioned giving state-owned corporation Landcom a direct role in building homes,as the opposition demands Premier Chris Minns rule out redeveloping Macquarie Hospital.
Bidding on the two-bedroom home started at $1.3 million,and quickly climbed above the reserve price.
Australians have spent big upgrading their properties with pools over the last few years,but does it really translate to a higher sale price?
Nineteen buyers turned out to compete for the two-bedroom renovator’s delight,undeterred by a falling property market and soaring building costs.
The owner was in the process of getting duplex plans approved,but decided to cash in on their fortune before even building.