A modest Californian bungalow has sold for a whopping $4.95m, $1,735,000 or 54 per cent more that the owners bought it for 18 months ago.
And Scott Carpenter, a UTS lecturer, and Mary Ducosin, who works in aged care, have done zero work to the three-bedroom single-level home at 366 Alison Rd that they bought for $3,215,000.
The incredible result is the perfect case study for what’s been a profitable 12 months for homeowners — CoreLogic data released this week showed Sydney house values have jumped 26 per cent and units 9.4 per cent.
But some individual properties have performed even better.
The Coogee home still boasts its original turquoise-tiled family bathroom, with a second bathroom off the rear laundry and has a dated chunky-timber kitchen.
The 23-year-old young gun Maxwell Munro of Ballard Property, who had the listing with colleague James Ball, couldn’t believe the response to the property.
“We had it scheduled for a September 18 auction, but after two weeks it was so popular that we decided to hold a Dutch auction on Wednesday night,” Munro said.
“We had 23 offers on the night.”
Parts of the double-fronted home retain the original charm, such as the ornate ceilings and polished Kauri floorboards.
But it was the block size that was the huge drawcard — 560 sqm and north-facing — so plenty of room for a pool.
Plus, it’s just 500m from Gordons Bay.
Munro said many of those keen were young families who owned semis in Bronte and North Bondi.
“A lot of people would like to jump to a freestanding home from the semi they’re currently living in, but in those suburbs there’s just too much of a gap,” Munro said.
“So they’re being pushed further south.”
But in the end it was a young family of four from Coogee that won the keys.
“They’re planning to keep the original home and extend to the rear,” he said.
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