Cou­ple $780,000 ahead after Clovelly town­house flip

The Sunday Telegraph (Sydney) - - OPINION OURS & YOURS -

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.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.