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 .