THREE families, all with children, traded 46 bids between them on Saturday as the competition was strong for 50 Ellalong Rd, Cremorne.
The result ended with the property selling $175,000 above the reserve and CoreLogic shows that the sale price was $4.125 million.
Richardson and Wrench Mosman/Neutral Bay selling agent Kirsty Freyer said the result was unexpected, but interest was strong.
“It is a beautiful home with a north facing aspect. The large 721sqm block appealed to many,” she said.
Ms Freyer said the buyers were a local family who are renting in Mosman.
Built in 1933, the property was last traded in 2005 for $1.83 million, according to CoreLogic data.
The four-bedroom house was sold with a DA to extend the rear of the property.
Ms Freyer said the sale showed strong interest for large family homes on the lower north shore.
“There is not enough of these properties on the market, which is keeping interest strong for the little stock available,” she said.
CoreLogic data reveals that the sale of 50 Ellalong Rd, is the third sale on the street this year.
Amenities in the home included a roof storage attic, back to base alarm, solar heated pool and a gas fireplace.
Located on Ellalong Rd, the property is tucked away in a quiet pocket of Cremorne and is two streets from the water, as well as a short walk from WH Brothers Memorial Park.
Public Transportation options are available from neighbouring Macpherson St, which has a bus service running direct to Wynard, taking close to 30 minutes during peak hour.
The home was sold by the vendor, who now plans to move closer to family.[“Source-news”]