The problem with a million-dollar view in Sydney is it now costs a lot more than $1 million.
There’s a website, www.propertytycoon.com.au, where punters can guess what they think properties will sell for at their weekend auctions in Melbourne and Sydney. This season Property Observer readers have their own competition, which you can access here. The winner of the overall competition will win $1,000.
To get the view that million-dollar view 15 Shackel Avenue, Clovelly, has on offer you will first need more than $2.5 million just to get your hands on the land. From there you will drop another million to build a two-storey home and then you will truly have a spectacular million-dollar view.
This Clovelly property is certainly what you would call tightly held. It was purchased by the current owner back in 1974 for $49,000 and has been an outstanding investment. If it does crack $2.5 million as Daniel Gillespie from Belle Property expects it will have shown an annual compound growth rate over 10%.