Perth property: Elderly woman celebrates after her | Australian Markets

A 95-year-old Perth woman is planning for the long run after promoting her Nedlands home of 62 years for an eyewatering sum.

More than 70 people gathered on the woman’s three-bedroom, one-bathroom Tyrell Street bungalow on Saturday morning within the hopes of inserting the successful bid on the property.

An public sale conflict broke out between 5 attendees and after more than 20 rapid-fire bids, the quarter-acre property formally bought for $2.7 million to a native household — a mind-blowing revenue contemplating the estimated $20,000 the woman paid for the home in 1963.

Thomas Jefferson Wedge was the itemizing agent behind the Ray White public sale, describing the sale of the “architectural gem” as “an emotional day”.

“This sale is a great story for the neighbourhood, it’s one of the most prestigious streets in Nedlands and opportunities like this are rare,” he stated.

“The energy on the day reflected that.”

Mr Wedge took to his Instagram to share a photograph of him and the vendor, saying it was “a privilege to honour her remarkable legacy” with the sale.

The former proprietor revealed she had opted to promote the home since she could be shifting into an aged care home with her older sister.

When requested about what she plans to do with the large sum, the woman had one easy response: “Start thinking about my future”.

The profitable public sale comes amid rising property costs all through the State.

Data from Domain reported the median housing price for a three-bedroom in Nedlands had risen 8.4 per cent within the final 12 months, reaching a whopping $2.49 million.

High costs within the suburb are largely pushed by its close proximity to the CBD and main amenities like Kings Park, UWA, and Sir Charles Gairdner Hospital.

The average price of a property in Perth has grown 0.9 per cent during the last month, with the median price for a home now sitting at $831,921.