A one-storey red brick home in Lane Cove, Sydney has sold for a whopping $4,165,000 at an auction on Saturday. 

The home, which boasts two bathrooms, a backyard, four bedrooms and a “traditional kitchen” has sold for more than $600,000 over reserve, despite being built between the 1920s-1950s and needing renovation. 

The home was snapped up by a British family after a fierce bidding war with six other registered buyers. 

“The people who purchased it were the opening bid. (The bidders) were actively bidding into the high threes, and two of them pushed it above the four mark,” said Sam Lloyd from McGrath Estate Agents.

“As far as we know, they will definitely do some work to it to make it their family home.”

Lloyd added that there was was “plenty of interest” in the 695 sqm property, with its prime location near the suburb’s retail and restaurant precinct. 

The selling agent said that both himself and the owner were “surprised” by the high price of the property – which had a reserve of $3.5 million.

“It was definitely above our expectations” he said.

According to Domain, the median house price for a four bedroom home in Lane Cove is $3.505 million. 

Many expressed their outrage over the “crazy” price online, with freelancer chief executive Matt Barrie saying: “Sydney house prices rapidly approaching $5m. Absolutely cooked.”

“$4 million for the house, plus another $2-3 million to demolish and rebuild. The reality of living in Australia where even the top one per cent income earners face significant costs for home ownership,” another added. 

“Our economy is out of control, what a ridiculous price for an average house,” a third wrote.

“That’s some crazy pricing! I hear Adelaide is lovely this time of year …” a fourth commented. 

Image: Domain