Luxury home on the Plateau breaks sales record

A MAJOR renovation has paid off at this impressive property - so how much did it sell for?

PALATIAL ESTATE: A magnificent three-level home on a 4.86ha property at Alstonvale sold for a record $2.2M to a local family. Picture: Supplied

A LUXURY Northern Rivers property has broken the record for the area's top sale with a $2.2 million price tag.

Bangalow Real Estate and Byron Hinterland Properties agent Mary O'Connor said the 4.86ha property, named Belmura, was in Willowbank Dve, Alstonvale.

She said it was purchased by a local family this month.

"The house was built (by an earlier owner) in 2000, but since acquiring it 12 months ago the vendor spent $500,000 to undertake a major renovation," Ms O'Connor said.

"It's a record for the area for a small landholding and lifestyle property."

She said Belmura was a magnificent Hamptons-style property.

"The vendor sold it as they are moving back to Gold Coast to be closer to family," she said.

PALATIAL ESTATE: A magnificent three-level home on a 4.86ha property at Alstonvale sold for a record $2.2M to a local family. Picture: Supplied

Ms O'Connor said the record sales price confirmed the robust nature of quality properties in the region.

She said her colleagues, including Gary Brazenor, were integral to the property sale.

The triple-level house features six bedrooms, five bathrooms, a separate one bedroom studio pavilion, separate two-bedroom guest accommodation and a 12m solar-heated magnesium swimming pool.

The median sale price for the suburb - which is set between Wollongbar, Pearces Creek, Tintenbar and Tuckombil - is $925,000 with an annual growth rate of 9.4 per cent.

Core Logic reported the property was purchased in 2016 for $1.595 million, but vendor made a loss as they paid $1.6 million in 2010.

In 1995 before the current house was built, it cost $190,000, which was $45,000 more than the vendor who purchased it in 1992.

Originally published as Luxury home on the Plateau breaks sales record