A four-metre long driveway in Sydney's inner-west has sold for an astonishing $1.25 million at auction, highlighting the intense demand for developable land in the area. The 110 square metre property, located at 184 Church Street in Newtown, was auctioned on Saturday, attracting significant interest from developers.
Rare Opportunity for Developers
The site, which currently features only a driveway and a small shed, was marketed as a 'golden opportunity for developers in a blue-chip setting'. It was listed with a price guide of $1 million and a reserve of $1.1 million, but fierce bidding drove the final sale price well above expectations.
Active Auction with Multiple Bidders
Four bidders registered for the auction, with three actively participating in the competitive process. According to Chris Akkawi, an agent from Adrian William Real Estate, the bidders were primarily interested in building on the site, which benefits from R1 residential zoning. 'It is a block of land in Newtown which is very rare,' Mr Akkawi told the Sydney Morning Herald, emphasising the scarcity of such properties in the sought-after suburb.
Development Plans Underway
The winning bidder has already begun planning their build, though it remains unclear whether they intend to on-sell the developed property or retain it. 'They are going to develop it, whether or not they are going to on sell or keep it, I couldn't say,' Mr Akkawi added. This rapid move towards development underscores the high value placed on land in Newtown, where the median house price, according to Domain, stands at $1.95 million, having risen by 8.3 per cent in the last year alone.
Historical Ownership and Local Context
The property's former owner had held the driveway for several decades, though she did not reside at an adjacent property and was simply a local resident. This long-term ownership adds a layer of history to the site, which is now poised for transformation in a booming real estate market. The sale reflects broader trends in Sydney's property sector, where even modest parcels of land can command premium prices due to their development potential and strategic locations.
