Sydney residents will soon get an idea on what level of growth they could expect if they hold onto a property for a significant period of time.
A three-bedroom Victorian terrace in the inner-west suburb of Camperdown will be sold at auction on June 27, almost six decades after it was last traded.
The grandfather of the current owner bought the Fowler Street residence in 1956 for the sum of £1,000 and it is expected to sell for around $1.6 million when it goes under the hammer.
“It will be interesting to see what a £1,000 investment in 1956 will be worth 60 years later, without the need for any complicated modelling from an actuary attached to a merchant bank,” selling agent Ed Tancred from Raine & Horne Petersham said.
“No matter the final outcome of the auction, it’s sure to highlight the value of owning a quality, growth asset in a premier inner Sydney location for a decent period of time.”
Tancred said the vendor had sold a neighbouring terrace for more than $300,000 13 years ago.
Tancred is expecting a solid turn-out at the auction, with the estate agents receiving more than 30 enquiries and registrations just hours after the property was registered.
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out