Far from the prestigious homes that normally fetch well over the reserve price , three small homes in Sydney have blown realtors and buyers away , exceeding all reserve expectations . Collectively the houses pulled $ 1,720,000 over their reserve prices . Rob Mellor , property analyst and managing director of BIS Shrapnel , says the ‘ market is getting a bit sticky ’ and warns investors that their future profits may be much lower than expected if you spend more than the property is worth . ‘ I feel the market has more growth in it but if growth like this happens overnight there ’ s a real danger for investors. ’ ‘ No-one pays that amount of money unless they have more money than sense , ’ Mr Mellor told Daily Mail Australia . Scroll down for video . This diamond in the rough sold for a whopping $ 840,000 . Labelled a ‘ diamond in the rough ’ this quaint one bedroom cottage in Surry Hills covers a tiny 63 square metres however it managed to sell for a whopping $ 840,000 . No bells and whistles : This tiny one bedroom cottage leaves a lot to be desired . With only one bedroom and a combined living/dining area the Surry Hills home leaves investors with a lot of renovating ahead . That ’ s $ 90,000 over the reserve and a considerable investment compared to the 500 pounds the original owner paid in the 1960 ’ s . The eastern suburbs apartment has no ocean views but pulled an astonishing $ 1.4 million . Labelled a 'blank canvas ' the unit on Moore Street , Coogee , will require substantial investment to renovate . Another auction for a two bedroom unit in Coogee attracted 55 registered bidders and had 150 contracts out on the property . The ground floor art deco apartment is rundown and not renovated but still managed to fetch $ 1.4 million . That ’ s an extravagant $ 530,000 more than the reserve price for an apartment that doesn ’ t even have water views . Advertised as an apartment that 'presents a restoration/renovation opportunity seldom found now in this locale ' The biggest shocker of the weekend was in Sydney ’ s north-west suburb Gladesville where a 4 bedroom , single level brick home went under the hammer for an astounding $ 2.85 million . ‘ It was just one of those auctions where people get caught up in the moment and it just kept going , and going , and going ' With their reserve set at $ 1.75 million the home owners are set to pocket a massive $ 1.1 million over their asking price . Agent Paul Tassone from Professionals Real Estate told Daily Mail Australia the auction was full of locals who were blown away at how much the home sold for . The 4 bedroom Gladesville property was previously renting for $ 800 a week . ‘ This was well above anything else that ’ s sold in the area , ’ he said . ‘ It was just one of those auctions where people get caught up in the moment and it just kept going , and going , and going . ' ‘ This was well above anything else that ’ s sold in the area , ’ said Mr Tassone . Mr Mellor warns buyers to tread carefully in a market like this because it won ’ t stay this hot for long . ‘ I ’ d be starting to exercise some caution as an investor entering the market , especially if you are paying 15 to 20 per cent above the reserve. ’ He says many buyers won ’ t see a return on their investment unless they get out of the market within 18 months , which is when he predicts it will cool .
Properties across Sydney going under the hammer have sold for well above their reserves . Surry Hills one bedroom cottage sells for $ 840,000 a shocking $ 90,000 over reserve . A Coogee unit with no water views attracted flocks of buyers and sold for $ 1.4 million , $ 530,000 over reserve . Gladesville home shocked buyers selling for a whopping $ 2.85 million , that's $ 1.1 million over asking price . Property analyst Rob Mellor warns overnight growth in the market could be dangerous for investors . He says many buyers won ’ t see a return on their investment unless they get out of the market within 18 months .