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Rundown home sells for $1.53MILLION over reserve as spring selling season ...

Spring has hit the Australian property market in full force with a rundown property selling for one and a half million dollars more than expected.

More than 100 people attended the North Willoughby auction for the worn-out 759-square metre block located on Sydney's lower north shore.

The successful family forked out $3.98million for the property after an intense bidding war, despite ten prospective buyers registering for the auction.

A rundown property in North Willoughby in Sydney's lower north shore (pictured) has sold for $3.98million

A rundown property in North Willoughby in Sydney's lower north shore (pictured) has sold for $3.98million

The unlikely result for the Sydney property (pictured) exceeded the suburb's median house price of $2,508,000 and neighbours were shocked by the 'ridiculous' price paid

The unlikely result for the Sydney property (pictured) exceeded the suburb's median house price of $2,508,000 and neighbours were shocked by the 'ridiculous' price paid

Bidding for the reserve opened at $2.2million but quickly reached $2.8million after four bids, Domain reported.

Jesse Davidson from Auction Works said the family from Chatswood, who paid about half a million dollars more than they wanted to spend, 'obliterated' the $2.45million reserve.

'That was unbelievable, that was exceptional,' he said. 

The unlikely result exceeded the

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