Insane reason two neighbouring homes sold for a $9 million price difference
The recent sale of two similar, neighbouring homes in Sydney has raised eyebrows after one sold for a whopping $9 million more than the other.
Money
Don't miss out on the headlines from Money. Followed categories will be added to My News.
The recent sale of two similar, neighbouring homes in Sydney has raised eyebrows after one sold for $9 million more than the other.
The homes, at 63 and 65 Vaucluse Road in Sydney’s exclusive eastern suburbs, sold just two months apart.
While home prices are still on the rise in Sydney, a rising market fails to account for the shocking price difference.
Similar in almost every way, each home features five bedrooms, four bathrooms and a swimming pool, and both are in need of updating after not being sold for around 40 years.
They even sit on blocks of a similar 850 square metre size.
But on November 10, number 63 sold for $24 million, while number 65 sold for $14.9 million on September 6.
The reason for the $9.1 million price difference? A view of the iconic Sydney Harbour Bridge.
As estate agent Gavin Rubinstein, who sold number 65 told The Wentworth Courier, “although there are harbour views, you can’t see the Harbour Bridge”.
Veteran Sydney prestige agent, Sotheby’s Michael Pallier likened a Harbour Bridge view to a view of New York’s Central Park or the Eiffel Tower in Paris.
He told The Australian Financial Review that global icons such as these have huge appeal for foreign buyers, especially those from China, who are very active in the Sydney luxury property market.
“That’s the Sydney experience. They come here and want that experience. It’s like ticking something off your bucket list,” Mr Pallier said.
“If you go to the theatre you pay more for front-row tickets.”
“In Sydney, watching the harbour against the backdrop of the Harbour Bridge and Opera House is the best show in town.”
Melbourne prestige agent Zed Nasheet told news.com.au that views always make a big difference to sale prices.
He said that while Melbourne didn’t have anything as iconic as the Harbour Bridge, “we have water views that people pay almost double for”, when compared to similar properties in the same suburb without the view.
Chinese buyers are also active in the Melbourne luxury property market but are more attracted to the leafy eastern suburbs than the bayside suburbs with water views.
Agent Jeremy Fox told news.com.au that the suburbs of Toorak, Armadale, Malvern, Hawthorn and Kooyong as the most attractive for Chinese buyers.
Originally published as Insane reason two neighbouring homes sold for a $9 million price difference
‘So embarrassed’: 31yo reveals huge debt
A young Aussie has revealed the moment she realised she might have to declare bankruptcy after an embarrassing mistake.
‘Luxury’ thing 1 in 4 Aussies are ditching
The cost of living crisis has caused millions of Australians to give up life’s little pleasures. Now, it seems friendships are next on the chopping block.