Imagine paying over a million dollars for a driveway. Sounds crazy, right? But that’s exactly what happened in Newtown, where a developer just snapped up a 110-square-metre driveway for a staggering $1.25 million. And this is the part most people miss: it’s not just about the driveway—it’s about the rare opportunity to develop in one of Sydney’s most sought-after suburbs. But here’s where it gets controversial: is this a smart investment or a sign of a property market gone wild? Let’s dive in.
The narrow strip of land at 184 Church Street, roughly four metres wide, was marketed as a ‘golden opportunity’ for developers, thanks to its R1 residential zoning and prime Newtown location. Listed with a $1 million price guide and a $1.1 million reserve, it attracted four registered bidders, three of whom actively competed. Adrian William Real Estate agent Chris Akkawi noted that the site’s development potential was the main draw. ‘A vacant block in Newtown is incredibly rare,’ he explained. The vendor, a local who had owned the site for decades, is now passing the torch to a buyer who plans to develop it—though whether they’ll sell or hold onto it remains a mystery.
This sale was just one of 784 auctions scheduled in Sydney this week, with Domain Group reporting a preliminary clearance rate of 78.4%. Interestingly, 68 auctions were withdrawn, which are counted as unsold properties in the clearance rate calculations. But back to Newtown: with a median house price of $1.95 million (up 8.3% year-on-year), it’s clear why developers are eager to get a piece of this blue-chip suburb.
Now, let’s shift gears to Sydney’s leafy north, where a deceased estate in Riverview sold for $3.48 million. The three-bedroom house at 17 Taleeban Road, with a $3 million price guide and reserve, attracted six bidders—all eyeing its redevelopment potential. After a fierce battle between two families, a local couple secured the 582-square-metre site, which includes a charming double brick Californian bungalow. Belle Property’s Tim Holgate confirmed that all bidders were keen to redevelop, despite the property’s rich history. The previous owner, who purchased it in the 1950s, lived to be 104 and was a beloved figure in the community, known for her vibrant garden and active lifestyle—she even played golf until she was 99! Her niece, present at the auction, shared that the house had barely changed over the years, aside from the addition of an indoor toilet.
In Burwood, a young couple planning to marry outbid a downsizing couple, paying $2,303,000 for a three-bedroom home at 17A Gloucester Avenue. This property, last sold in 1997 for $330,000, had a price guide of $1.8 million and a reserve of $1.85 million. McGrath Strathfield’s Carlos Ouyang described the sale as ‘bittersweet’ for the vendor, who is moving into a retirement village. Despite recent interest rate hikes, Ouyang noted that demand remains strong in Burwood, especially for properties under $2.5 million. ‘Good properties in good locations are still thriving,’ he said, though he cautioned that higher-priced homes might face more challenges.
Burwood’s appeal isn’t just about property prices—it’s also a food lover’s paradise and ranked 16th on Time Out’s list of the world’s coolest suburbs last year. Meanwhile, in Randwick, a pair of brothers secured a two-bedroom apartment with a garage at 5/25 Cowper Street for $1.28 million (matching the reserve). Ray White’s Nick Wiggan highlighted the apartment’s light-filled corner position and rear lane access, but it was the off-street parking that sealed the deal. ‘Garaging is becoming a game-changer in the apartment market,’ he noted. The brothers plan to hold onto the property as an investment for now.
So, what do you think? Is paying millions for a driveway or a redevelopment opportunity a smart move, or is the property market overheating? Let us know in the comments—we’d love to hear your take!
