Couple $780,000 ahead after Clovelly townhouse flip
A COUPLE who purchased their three-bedroom townhouse for $2.1 million in 2015 have resold at auction for $2.88 million, a return of $780,000 after four years.
The sellers were understood to have purchased the property at 2 Beach St in Clovelly (pictured right) off the plan and only moved in about 18 months ago.
Selling agent Nicholas Wise of McGrath-Coogee said strong demand from downsizers pushed up the price.
“Townhouses bridge the gap between units and semis, which usually can cost more than $3 million in the area, so they are popular with downsizers,” Mr Wise said.
A nearby house at 50 Beach St sold under the hammer the same day for $2.492 million.
Ray White NSW CEO Jason Andrew called the auction for agent Nadar Hotait and said there was a large crowd.
“There were four registered bidders — all locals from nearby,” he said, adding that the price was 12 per cent above expectations.
In Matraville, a three-bedroom house on Meehan St sold under the hammer for $2.05 million, $280,000 over reserve. The auction attracted five registered bidders, four of whom participated. The opening bid was $1.55 million and more than 80 bids were placed before a local couple finally snagged the home.
Selling agent Marnie Seinor of McGrath-Coogee said buyers liked the level block. “There is lots of demand in the Matraville area,” she said.