Seven bedroom Western Sydney house sells for less than $400,000 at auction

Sydney’s median house price might be coming back down towards the million-dollar mark for the first time in four years but it’s still a far cry from what most hopeful first-home buyers can afford.

One lucky purchaser, however, has walked away with the keys to a run-down and boarded-up home in Tregear – a suburb 46 kilometres west of the CBD – for a fraction of the city’s median at $395,000.

Its “immense potential” could be realised through “personal touches and extensive renovations”, according to the online listing, while its private yard “would benefit from an entertainers’ patio”.

The rare offering at 36 Mawson Road was snapped up at auction on Saturday by first-home buyers despite competition from multiple investors.

Four of the six registered bidders vied for the keys to the 607 square metre block, with an opening bid of just $300,000.

The final sale price was $15,000 above reserve. Selling agent Basel Nahas of Laing and Simmons Mount Druitt said the house would be completely renovated.

“I find it’s quite good but it’s rare. If you put it on the market you don’t have too many seven-bedroom houses. It’s going to be popular,” Mr Nahas said.

“You see some now sell under $400,000. It’s a popular price range and if the market improves you won’t see that anymore.”

The buyer was a family with seven children.