The homeowners of a 2.02ha property in the Hills have been left stunned after it sold at auction for 2950 per cent more than what they paid 40 years ago.
The $5.415 million result of 9 Glenhaven Rd, Glenhaven, was also a whopping $915,000 over the reserve.
It followed a pressure cooker virtual auction on Saturday that saw 15 buyers register to bid.
Lumby Hampson’s Will Hampson, who sold the property with Kate Lumby, said the result was completely unexpected.
“We thought it could get into the high $4 millions, but not the mid $5 millions,” he said.
“The owners are completely over the moon at the price.”
CoreLogic reveals the sale price is an eye-watering 2950 per cent more than the $177,500 the sellers paid 40 years ago.
Bidding for the property opened at $2.5 million and quickly rose to $4 million. A total of 64 bids were placed between 15 registered bidders through the AuctionNow platform.
Mr Hampson said the result was even more unexpected given the highest pre-auction was around $4.5 million.
The big draw card for buyers throughout the campaign was the land, which was located across the road from a housing estate.
Many buyers had looked to bank the property in hope of a future rezoning, which would permit a substantial subdivision project.
Glenhaven has seen its median house price climb $200,000 in the past 12 months to $1.83 million, according to realestate.com.au.
The Glenhaven estate sold for about $1.4 million more than a similar property at 111 Glenhaven Rd, which fetched $4.04 million at the end of May.