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South Sydney waterfront home nearly doubles in value with $4.6m result

A south Sydney home that was slated for a mortgagee sale has stunned auction attendees after selling $1.6m over its reserve.

Previously traded in 2015 for $2.42m, the property at 9 Carruthers Drive in Dolls Point sold under the hammer this week for $4.6m – smashing the reserve of $3m.

The auction saw 18 registered bidders competing for the four bedroom and two bathroom property.

A local family who wanted to build their dream home were the successful bidders, with the underbidders also identified as a local family hoping to build.

McGrath Sans Souci agent Trent Tarbey had the listing and said the dual level home provides possibilities for a dream waterfront lifestyle.

“The property has beautiful city views across the bay and it’s only 30 minutes from the CBD,” Mr Tarbey said.

“We’re finding the top end of the market is still holding well; we had an 89 per cent auction clearance rate last month.”

The existing dwelling is a large four bedroom, two bathroom home that gave buyers the option to restore, reconfigure, transform, or knock down and rebuild into something more modern.

Family investors, local families, and potential developers showed interest in the home prior to auction.

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