A Belmont house in need of “substantial” work sold $115,500 above reserve as six bidders vied for the chance to unlock the property’s potential.

The 816sq m block was the key to the sale of 341 High Street, which sold for $595,500 at auction.

Hayeswinckle, Newtown agent Tiffany Simpson said the result reflected the number of buyers in the current market looking for older homes to either renovate, develop or knock down and rebuild.