A YOUNG couple bought their first owner-occupied home with a bang, setting a street record of $3.75 million in St Ives.
The pair in their 30s, who are currently living with their parents in Pymble, leveraged the equity from their investment property in Melbourne to buy 98 Warrimoo Ave. They were looking specifically to move into St Ives.
The house sold for a street record of $3.75 millionSource:Supplied
The vendors were an Australian-Chinese couple who had knocked down the previous house and rebuilt the new five-bedroom house, which completed in December last year.
Although they had initially bought to rebuild the home for themselves, they changed their mind and decided to tap into St Ives’ rising property values by selling the house after completion.
They will use the funds from the sale to move closer to work and their children’s schools.
The previous house was knocked down and a new five-bedroom home rebuilt in 12 months.Source:Supplied
The vendors bought the property in 2014 for $1.11 million, CoreLogic records show.
Selling agent Coco Cui Roskam, from Savills Cordeau Marshall, said while other high sales in the area have been on much larger blocks on at least 1100 sqm, this house was on 930 sqm, proving the strength of St Ives.
It would have been hard for the vendors to give this up.Source:Supplied
“New houses for sale are becoming quite unique now, as developers are now finding the land prices (to be) too high, combined with the building and holding costs of property,” she said.
The previous record for Warrimoo Ave was set in 2015 at $3 million.
