An extensive renovation project in Paddington paid off on Saturday, when the home sold for almost double what it was bought for three years ago.
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The Queenslander at 38 Annie Street sold for $860,000 back in 2014. When it went under the hammer on Saturday, the well renovated four-bedroom home fetched $1.7 million.
The stunning renovation, with multiple living areas and luxurious bedrooms, was a rental until Lilley Build decided to sell up. It had been leased out for $1750 a week - not your average sharehouse.
Space Property agent Judi O'Dea said the tenants were an executive family who had taken good care of the home.
The home was renovated by Lilley Build and P&R Lee homes, a partnership that has produced popular prestige homes in the tightly-held suburb of Paddington. Their trademark feature is large living areas and high ceilings, which are both evident after walking through the hallway.
"You've got living areas upstairs and downstairs and having the kitchenette downstairs really gives you flexibility," auctioneer Nick Penklis said. "It's a quality property, Lilley Build, who we act for in many transactions, they just get it right. James [Lilley] gets the floor plan right, which makes a huge difference and he gets the interior design right."
Two bidders were keen to snag the like-new home. Bidding started close to the mark at $1.5 million, and the auction went back and forth to quickly reach $1.6 million, where the prospective buyers became a little more conservative.
Switching from $25,000 bids down to $10,000, the price climbed slowly until a recently relocated Sydney couple placed the winning bid of $1.7 million.
Mr Penklis said the competition between the two bidders was great to see. "Some bidders have a budget but that gets surpassed when you see the competition," he said.
The buyers declined to comment, but said they had been renting in the area since their move.
Later in nearby Grange, a well-renovated worker's cottage passed in after reluctant bidders failed to meet the vendor's expectations.
The four-bedroom home's living areas were split over two levels, with three bedrooms and the kitchen on the top floor.
The corner block was popular with buyers for its privacy and outdoor living area, featuring a mature screwpine tree, bringing beach vibes to the pool area.
"[The vendors] installed the pool house and the pool in the past 18 months," McGrath Wilston's Craig Lea said. "They've held it 12 years, which is a little while. They did an extension and all that sort of thing."
The extension was finished with some on-trend Hamptons interior styling. "The house is traditionally a worker's cottage that's been extended over time," Mr Lea said. "It's a Queenslander and the interior and the colours and textures are very hamptons inspired."
After spirited bidding from three bidders, the home passed in for $1.3 million but later sold out of auction for $1,315,000.
