Jonathan Chancellor | 25 February 2013

Cheapest $380,000 Sydney sale yields better than $5.15 million Vaucluse prestige

All the headlines centred on the weekend's stellar highest priced sale of $5.15 million for a six-bedroom, five-bathroom home in Vaucluse.

The Derby Street house, which has harbour views taking in the Opera House and bridge, attracted six Chinese buyers when auctioned by the Sotheby's agent Michael Pallier inconjunction with Ray White Double Bay agent Daniel Ungar.

"We thought it would go for $4.5 million," he told Fairfax Media, after bidding on the property had started at $3.9 million.

Mr Pallier attributed the improved prestige market partly to section 188 visa changes last July, which speed up entry for foreigners who spend $5 million in approved investments. The improving sharemarket was another factor.

Its last sale price was $3.2 million in 2002, reflecting 4.5% annual growth.

The weekend's cheapest sale was $368,000 at Carramar. The three-bedroom, original-condition 1960s Ruby Street offering sold under public trustee instructions through Century 21 Southwest Fairfield agent Nickolas Papadopoulos.

It was marketed as "calling all renovators and property investors/developers."

The brick house on 556 square metres was marketed as an "excellent money spinner."

Having last sold for $93,500 in 1987, its price reflected 5.38% annual growth.

For more on the allure of Australian property to Asian buyers, download our free eBook. The eBook is also available for free download in Chinese.

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