More than 70 bids were placed on the property with opening offer of $1.2millionA two-bedroom weatherboard house in western Sydney has sold at auction for $500,000 over the reserve price to the shock of real estate agents. The property on Hillman Avenue in Rydalmere sold for $1.8million and claimed the title for the most expensive home in the area this year. The extraordinary amount reflected the scope of the property bubble across Australia, as buyers take advantage of historically low interest rates. 1950's weatherboard home in Rydalmere, Western Sydney sold for a shocking $1.8millionThe two-bedroom home (pictured) sold for $500,000 over the reserve price to the shock of agentsThe 670 square-metre corner block on which the house sits is ripe for a higher-density development. The Rydalmere property was one of nearly 1160 auctions held across Sydney this week – an increase from the 850 held over the same week last year.

Source: Daily Mail May 11, 2021 06:12 UTC