Young family drops $5.2 million on Hunters Hill home
“Interestingly, it was the property itself that made her want to look at the suburb, not the other way around, as is often the case, because the house just had that special character,” he said.
“[The heritage listing] had no associated headache which made it more appealing. And the fact that it was turnkey and ready to go. There is a great fusion between the extension, a detached garage, the landscaping, the pool and the outdoor space.”
Mulae said preference is given to ready-to-move-in homes that don’t require work.
“People were concerned about construction costs, uncertain costs and uncertain schedules for this work. So if you can offer something to the market that overcomes these problems, it will surely be more popular. ”
The home last traded for $3.5 million in 2019, records show.
A family from North Kellyville in north-west Sydney bought a five-bedroom, three-bathroom home in the same suburb for $3.1 million.
Twelve registered to bid at 2 Kurnell Place and three local families participated in the auction. A crowd of 120 could fit in the large, air-conditioned house for the midday auction, a relief from the 35-degree day outside.
Bidding started at $2.8 million and took 15 minutes to increase to $3.1 million with a mix of small bids of $10,000, $5,000 and $2,500.
The luxurious contemporary home features a temperature controlled wine cellar, cinema room, inground pool, spa and three car garage. The buyers are a young couple with a baby from the same suburb looking to expand.
Ray White Castle Hill sales agent Matthew Langdon declined to disclose the reserve but said that while the seller was sad to be leaving the family home, she was happy with the price.
The driver for buyers was the size of the 2500 square meter block as they wanted a spacious home and garden.
Langdon said the new home market is strong at the moment.
“Everything that has been renovated is pretty strong. Anything that requires a lot of work slows down a bit.”
AMP Capital’s Chief Economist, Dr. Shane Oliver said Saturday’s release rate was still solid at 69.4 percent but below recent highs.
He predicts an increase in supply as interest rates continue to rise.
“We have the rate resets on fixed-rate mortgages, where people with fixed-rate mortgages roll back interest rates from about 2 percent to about 5 or 6 percent, which could lead to an increase in supply,” he said.
“Sales are still pretty low. A low number of entries partly explains why approval rates remain at reasonable levels.”
Historically, demand is seasonally more resilient in the run-up to Easter and cools as winter approaches, Oliver said.
In Carlingford, also in north-west Sydney, a Grade II Listed house at 32 Tomah Street in need of renovation was sold to a neighbor for US$1,842,000.
The first registered buyer has placed an opening bid on the reserve of $1.7 million. One of the three registered bidders didn’t attend, hoping to pick it up for $1.5 million; They left as soon as the bidding started.
McGrath Epping sales agent Betty Ockerlander said the two-bedroom, one-bathroom home would have sold for $2.3 million to $2.5 million had it not been listed. She added that well-maintained historic homes also fetch high prices.
“It’s a steep price to pay for a pull-down house that you can’t tear down,” she said.
“It’s on a ridge. It’s a nice wide street. It would have a city view if you built it up, you could build a big two-storey house in 930 square meters.”
The buyer will try to cancel the inheritance order, but failing that, renovate and expand the house.
The home last traded for $630,000 in 2003, records show.
https://www.smh.com.au/property/news/young-family-drops-5-2-million-on-heritage-hunters-hill-house-20230313-p5crjo.html?ref=rss&utm_medium=rss&utm_source=rss_property Young family drops $5.2 million on Hunters Hill home