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.
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