Perth property: Elderly woman celebrates after her Nedlands house sells at auction for an incredible amount

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

More than 70 people gathered at the woman’s three-bedroom, one-bathroom Tyrell Street bungalow on Saturday morning in the hopes of placing the winning bid on the property.

An auction war broke out between five attendees and after more than 20 rapid-fire bids, the quarter-acre property officially sold for $2.7 million to a local family — a mind-blowing profit considering the estimated $20,000 the woman paid for the house in 1963.

Thomas Jefferson Wedge was the listing agent behind the Ray White auction, 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 said.

“The energy on the day reflected that.”

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

The former owner revealed she had opted to sell the house since she would be moving into an aged care home with her older sister.

When asked about what she plans to do with the massive sum, the woman had one simple response: “Start thinking about my future”.

The successful auction comes amid rising property prices throughout the State.

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

High prices in the suburb are largely driven by its close proximity to the CBD and major facilities like Kings Park, UWA, and Sir Charles Gairdner Hospital.

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