THIS shows just how nuts the Sydney property market is. You can literally do nothing to improve your home, but a few months later it can sell for a tidy profit.
The three-bedroom, three-bathroom terrace in Hopewell St, Paddington.Source:Supplied
DESPITE claims by some experts that Sydney’s property boom “is over” and forecasts that prices could drop by as much as 10 per cent this year, the out-of-reach prices look to be here to stay.
The extraordinary growth in the harbour city’s property market was evident over the weekend at the sale of a three-bedroom, three-bathroom terrace in Paddington, in the eastern suburbs.
Renowned Australian architect Alexander Tzannes and his wife Margaret Noonan bought the house just a few weeks before Christmas last year for $3.66 million.
The three-bedroom, three-bathroom terrace in Hopewell St, Paddington.Source:Supplied
Alex Tzannes is a renowned Australian architect.Source:Supplied
They were deciding whether or not to move out of their current home in Surry Hills and chose to stay put and try their luck reselling the terrace, just a few months later.
“Even though we were presented evidence of the market cooling, I strongly believe that good products will stand the test of time, and I knew this house to be of good design,” Mr Tzannes told Domain.
The property went to auction on Saturday and two buyers fought it out, with the winner securing the property for $3.96 million.
That’s $300,000 more than Mr Tzannes bought it for just a few months earlier, without any extra renovations or upgrades.
The house also has a studio out the back.Source:Supplied
The stunning stainless steel and timber kitchen.Source:Supplied
After stamp duty costs of around $196,000, the couple made a $100,00 profit on the home.
“It was a risk and it might not have gone our way, but, as it happens, the design won over another buyer and we had good advice on it throughout the campaign,” Mr Tzannes said.
A stunning living areas in the property.Source:Supplied
One of the terrace’s three bathrooms.Source:Supplied
The median house price in Sydney is now $1,058,306 and the median apartment price is $774,124.
Property prices around Australia’s capital cities have remained flat over the past month and are now showing a drop of more than one per cent on average so far in 2018, due to continuing weakness in the Sydney market.
Sydney, Melbourne, Brisbane, Adelaide and Perth’s average home values have now been flat for two weeks, after having fallen by a slim 0.1 per cent in the prior fortnight, latest figures from property data group CoreLogic show.
Compared to a year ago, Sydney’s home values are now down three per cent, with Perth also lower — down 2.5 per cent.
Elsewhere around the country prices are edging higher — with Melbourne up 4.3 per cent, Brisbane 1.1 per cent higher and Adelaide up 1.2 per cent.
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