Byrd house home owners in the Sydney suburb of Byrd have had their dreams of owning a house in the City of Sydney dashed.
On Thursday, the Australian Financial Press published a report by property market researcher CoreLogic that revealed that the property of a Byrd home owner in the CBD has gone for $7.3 million.
The property is a home for a family of five and includes two bedrooms, two bathrooms and a backyard garden.
CoreLogic says the property is worth about $9,700 per square metre.
The news was met with disbelief and shock among the community.
One resident said he was shocked by the news, while others said they would be shocked if they were to own a home in Byrd.
“It’s just a sad day,” resident Chris Boulton told the ABC.
“You don’t expect a lot of money to be taken from you, especially when you live in the suburbs and people are just living in it and don’t even realise it,” he said.
Corelogic has found that the owner of the property has a history of financial issues.
The house has been in the family since 2002.
The report also revealed that some properties in the region are in danger of going into default due to falling property values.
CoreMap says the Byrd property has fallen in value by more than 80 per cent.
The Australian Financial Editor Peter Lewis has spoken to the owners and they said they were prepared to sell to a buyer.
Topics:housing-industry,market-and-utilities,property-industries,property,australiaContact Sam Ayoub