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 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 block of land in Newtown is very rare,’ he said, highlighting the suburb’s desirability. But is this a sustainable trend, or are we stretching the limits of what’s reasonable in property investment?
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, the vendor had owned the site for decades, though she wasn’t a direct neighbor. Akkawi confirmed the buyer plans to develop the site, though it’s unclear whether they’ll sell or hold onto it. Newtown’s median house price sits at $1.95 million, up 8.3% year-on-year, adding context to this eyebrow-raising sale.
Meanwhile, in Sydney’s leafy north, a deceased estate in Riverview sold for $3.48 million after a competitive auction with six registered bidders. The three-bedroom house at 17 Taleeban Road, with a $3 million price guide and reserve, drew interest from families looking to redevelop the 582-square-metre site. Belle Property’s Tim Holgate noted that all bidders were keen on the property’s redevelopment potential, including its existing double-brick Californian bungalow. The previous owner, who purchased the property in the 1950s, lived to 104 and was a beloved figure in the community, known for her vibrant garden gatherings.
In Burwood, a young couple outbid a downsizing pair to secure a three-bedroom home for $2,303,000—a whopping $453,000 above the $1.85 million reserve. The property at 17A Gloucester Avenue, last sold in 1997 for $330,000, attracted six active bidders. McGrath Strathfield’s Carlos Ouyang described the sale as ‘bittersweet’ for the vendor, who’s moving to a retirement village. Despite recent interest rate hikes, Ouyang noted strong demand for properties under $2.5 million in Burwood, a suburb known for its schools and food scene—it even ranked 16th on Time Out’s list of the world’s coolest suburbs last year.
Over in Randwick, two brothers paid $1.28 million for a two-bedroom apartment at 5/25 Cowper Street, matching the reserve price. The light-filled corner unit, with its rare off-street parking and garage, proved a major selling point. Ray White’s Nick Wiggan emphasized the growing importance of garaging in the apartment market. The brothers plan to hold the property as an investment, having purchased it for $955,000 in 2019.
Here’s the big question: Are these sales a reflection of Sydney’s resilient property market, or are we witnessing a bubble in the making? With driveways selling for millions and redevelopment fever gripping the city, it’s a debate worth having. What do you think? Is this the new normal, or are we headed for a correction? Let us know in the comments!
