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. 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 keep 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%. But here’s the kicker: 68 auctions were withdrawn, highlighting the unpredictability of the market. Meanwhile, Newtown’s median house price continues to climb, reaching $1.95 million—an 8.3% increase over the past year.
Across town in Riverview, a three-bedroom deceased estate at 17 Taleeban Road sold for $3.48 million, surpassing its $3 million reserve. Six bidders, all eyeing redevelopment, competed fiercely, with a local couple ultimately securing the 582-square-metre property. Belle Property’s Tim Holgate noted that the site’s potential for redevelopment—including its charming Californian bungalow—was a major selling point. 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 at 17A Gloucester Avenue for $2,303,000—a whopping $453,000 above the reserve. McGrath Strathfield’s Carlos Ouyang described the sale as ‘bittersweet’ for the vendor, who is moving to a retirement village after nearly 30 years in the home. Despite recent interest rate hikes, Ouyang noted that properties under $2.5 million in Burwood remain in high demand, thanks to its proximity to schools and vibrant food scene. Last year, it even ranked 16th on Time Out’s list of the world’s coolest suburbs.
Over in Randwick, two brothers paid $1.28 million for a two-bedroom apartment at 5/25 Cowper Street, matching the reserve price. Ray White’s Nick Wiggan highlighted the property’s off-street parking and light-filled corner position as key attractions. ‘Garaging is becoming more important in the apartment market,’ he said. The brothers plan to hold onto the property as an investment for now.
But here’s the big question: Are these sky-high prices a reflection of Sydney’s thriving property market, or a warning sign of overheating? As developers and buyers continue to snap up even the most unconventional sites, it’s clear that the demand for prime real estate shows no signs of slowing. What do you think? Is this a smart move, or are we headed for a bubble? Let us know in the comments!
