An "uninhabitable" home in Albion Park has been snapped up for above the reserve price, as two keen bidders fought it out.
The property, reportedly well-known within its neighbourhood, sold under the hammer on Saturday.
The home at 41 Moles Street, Albion Park sold for $552,000, which exceeded the reserve price within three bids.
The three-bedroom cottage sits on a 626 square metre block.
Selling agent, Ben Frawley from Harcourts said it was an "uninhabitable" home, and had been unoccupied for several years. It had been owned by the same family for a few decades.
Despite its current state, the sale perhaps represented a bargain within the suburb, where the median sales price of houses is $852,500, according to CoreLogic.
There were four registered bidders for the weekend's auction, taking part both on-site and via phone.
Bidding started at $500,000, and there were 11 bids placed in total.
"There was spirited bidding between two parties," Mr Frawley said. "It just went to-and-fro, and was over quickly. There was no pause in the bidding."
Mr Frawley said the successful buyer is an out-of-area developer.
He said they planned to build a small residential development on the property; in this instance undertake a knockdown and rebuild to create townhouses (subject to council approval).
Mr Frawley said prospective buyers were drawn to the property by the size of the block and the potential.
"It drew huge interest online, given the accurate portrayal of the property in the marketing," he said. "It was presented in the actual light that it is.
"It also drew a lot of local interest because the house was well-known amongst the neighbourhood."
The home was being marketed as "perfect for those looking for a manageable development site opportunity". The wide side access reportedly allows room for construction on the rear of the land.
The home is located within reach of schools, shops and recreational activities.
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