With the Sydney property market as bananas as it is right now, fortune (again – for now) favours the bold. You’ve got to move fast and act decisively if you want to secure your dream home (or next investment property…)
And that’s exactly what one Eastern Suburbs man has done, dropping a cool $2.18 million on a property after only seeing it for the first time ten minutes before it went to auction. Talk about cojones.
23 Queen Road Paddington, a classic inner-city terrace that recently saw a lavish renovation, was already pretty hot property (pun entirely intended), with the agent – Ray White TRG’s Evan Williams – having brought forward the auction from June 8 due to the insane demand, news.com.au reports.
It’s a move that’s clearly paid off for the sellers, considering it sold for $230,000 above the reserve. (You could buy a new Porsche with that sort of change.) The property also set a record price for Paddington per square metre, according to Williams.
While it seems like a rather impulsive way to go about buying a house, the buyer didn’t go in completely blind. According to feet on the ground, the mysterious buyer was actually the local veterinarian – who lives in the area and knew the property was on the market. They were evidently quite a keen bean, having opened the bidding for the terrace at $1.9m; $100k above the $1.8m price guide.
We can understand why they were so keen, too: according to realestate.com.au, the median price for a two-bedroom in Paddington is a rather hefty $1.8 million (about half a million above the Sydney-wide median) – so in the grand scheme of things, $2.18 isn’t outrageous. Or maybe Sydney’s just cooked and our perspectives are completely warped.
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You think $2.18 million is tough? Get this: the sellers bought 23 Queen Road for just $280,000 about 27 years ago. Sure, the place has been renovated since, but bloody hell – it really brings into sharp focus how much property prices have ballooned over the last three decades.
Sydney’s one crazy town, that’s for sure.