Yahoo Finance Why this modest Sydney home sold for $47 million
The Tamarama home set a new sale record for the area. Take a look.
The Sydney property market has done it again - just when you think prices can’t get more absurd this single-storey brick bungalow home has sold for close to $47 million.
The home, which was initially listed for sale with a price guide of between $47 million and $52 million, sits right on the cliff edge in the affluent eastern suburb of Tamarama.
Also read: Mysterious home with 27,000 wall hooks up for sale: ‘One-of-a-kind’
Also read: Sydney house narrower than car park sells for $1.3 million
With uninterrupted views of some of Sydney’s best beaches, the home hasn’t been on the market since 1959, when it sold for £9,750 (yes, they still used pounds then).
That would be around $336,589 today, taking inflation into account.
While the exact sales price is not known, the agent told The Sydney Morning Herald, it sold close to the bottom estimate of $47 million.
Why did the home sell for so much?
Location, location, location! The home sits on the furthest point of the cliff face, meaning it has, and always will have, completely uninterrupted views.
Not to mention the fact Tamarama is a highly sought after suburb in Sydney’s east.
It also sits on a whopping 1,100 square metres of land across three blocks, so the buyer will have a lot of room to work with should they choose to build their dream home on the lot.
“It is one of the largest privately held parcels on the eastern suburbs oceanfront and offers an unmatched opportunity to explore the creation of a truly rare and important Australian home,” the listing says.
What’s the history of the home?
Initially built by bootmaker George Wolf in 1924, the home was then sold in 1959 to radio host Harry Griffiths.
Griffiths and his wife Dimity raised their four children in the home before he passed away in 2014, aged 87.
Dimity has held onto the home for the past 64 years, preserving the large block of land from subdivision or over-development, allowing for the impressive sale.
Follow Yahoo Finance on Facebook, LinkedIn, Instagram and Twitter, and subscribe to our free daily newsletter.
