Bayside waterfront mansion sells to cash buyer for $8.5m
A waterfront mansion on Brisbane’s bayside has just sold to a local couple who paid a whopping $8.5m in cash.
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A waterfront mansion on Brisbane’s bayside has just sold to a local couple who paid a whopping $8.5 million in cash for the property.
The sale of the five-bedroom home on 2300 sqm at 32 Sentinel Court in Raby Bay sets a new residential record for the bayside region.
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Joseph Lordi of McGrath Estate Agents, who negotiated the cash unconditional sale, said the property attracted seven offers — all from cash buyers — before selling to a middle-aged couple with “money in the bank”.
“Cash is king right now,” Mr Lordi said.
“At this price point — north of $4 million — there’s a lot of cash buyers.”
After being on the market with other agents for two years, Mr Lordi and his colleague, Pamela Neilson, took over the listing and sold the home in 45 days.
The property went to auction on August 8 and was passed in for $7 million.
Records show the property was previously owned by Brisbane-based businessman Martyn Croad, who paid $4.96 million for it in December 2013.
It has since undergone a renovation and extension.
Mr Lordi said he had started to really notice the trend in the past 12 months, when his agency sold four properties for more than $3 million each to local buyers, and all were cash contracts.
He said smaller sales around the $1 million to $3 million price bracket were to buyers who had either sold their previous home earlier in the year or had pre-approval and cash ready to go.
Some buyers were even taking their money out of shares and putting it into property instead, he said.
“I sold another one this week for $1.29 million in cash,” he said.
The five-bedroom home in Tarragindi is yet to go unconditional.
Mr Lordi said he sold another property — a four-bedroom townhouse at 5/1 Cross Lane, Cleveland, prior to auction earlier this month for $1.46 million in cash, and another at 36 Raby Esp, Ormiston, for $1.225 million in cash, also prior to auction.
Expect more big sales from this young man, who at just 24 years of age is making a strong mark in the industry.