Kirribilli unit sells for a record price

KIRRIBILLI tenants lived in a unit for five years, and they loved it so much that when it hit the market they snapped it up — for a complex record $3.27 million.

The hotly contested Kirribilli home at 4/31-39 Elamang Ave.

A HARBOURFRONT apartment in Kirribilli set a new complex record — when it sold at auction for $3.27 million.

The three-bedroom apartment at 4/31 Elamang Ave, was listed withShane Slaterof Province Neutral Bay and had a $2.8 million price guide.

“The previous owners had held the property for over 40 years as an investment,” he said.

“After a heated battle between three bidders, the home sold to the family who were currently renting the apartment.”

Mr Slater said the apartment, built circa 1970, was still in its original condition.

“The property had been unrenovated since the ’70s,” he said.

The $3.27 million sale of 4/31-39 Elamang Ave is a complex record.

Location, location, location.

“Yet after five years of renting, the current tenants loved living there so much that they decided to fight for their home when it hit the market.”

In just three weeks, the Kirribilli apartment drew high interest from a range of buyers, including downsizers and investors.

“It’s rare that properties on Elamang Ave come on the market,” Mr Slater said.

“The property also offers a north-facing element and an outdoor entertainment area with harbour views.”

The home is in an exclusive waterfront location.

The home has 167sq m on title, an open-plan living and dining area, and a main bedroom with a private balcony.

The security complex also has a waterfront swimming pool, and a paved barbecue area.

CoreLogic data shows the median Kirribilli unit price of $1.202 million has increased by 83.5 per cent over the past three years.

Originally published as Kirribilli unit sells for a record price