Surry Hills terrace sells for $1.945m after intense 53-bid auction battle

Key points

• A three-bedroom terrace in Surry Hills sold for $1.945 million after a 53-bid auction battle, exceeding the seller’s minimum price by $145,000. Two main bidders, professional builders Lu Mi and Bing Lu, won the property, planning to renovate it.
• The home, last sold in 1994 for $295,000, attracted strong interest due to its unrenovated state and prime location.
• The median property value in Surry Hills has fallen 11.2 per cent in the last year.