Successful, but slim profit: Transformed Paddington garage fetches $1.4 million

A former Paddington garage transformed into a two bedroom terrace with parking fetched $1.415 million at weekend auction, some $65,000 above reserve.

The then single storey lock-up garage sold at $822,500 in July last year. The vendor, by doing much of the conversion project himself, was able to do it for around $400,000 before transaction costs, with $500,000 more likely to have been required in the normal course of construction.

Not quite as reported by the Daily Mail, who covered the story with the headline: "Sales like this drive the property boom! Couple who bought GARAGE for a record $822,500 make $600,000 profit in a year."

Positioned between adjoining terraces, the then lock up garage occupied its 76 square metre block with a width of 4.6 metres.

It now has 93 square metres of living space plus 23 square metres of courtyard along with Centrepoint Tower views.

The Paddington house price median sits at $1.55 million according to RP Data.

More than $1.2 million was being tipped.

Above: The garage before its renovation.

It sold through Position Realty agent Deborah Terley with development approval last July and again on the weekend.