No, there has not been a bushfire in Chatswood. However, what has been happening is a rapid growth in the sale value of Chatswood homes.
A 4-bedroom 1955’s house on a former Orchard in Violet St, Chatswood on a 422sqm block recently sold for more than $400,000 over its reserve, setting a new record of just over $1.9M. The previous record was just under $1.8M.
There was a crowd of 150 people on hand for the auction. Thirty were registered bidders. There had been 200 inspections and 45 contracts issued. Bidding started at $1M. It was a tortuous bidding war with over 150 bids. Toward the end the bidders tried to offer $500 bids but the auctioneer refused on the basis he would be there all day. The final bid was $2,000 above the previous highest bid.
Location is the key. Proximity to the Chatswood CBD is valuable. The new owners are planning to renovate rather than rebuild.