A Bellevue Hill house that sold for $11.25m in 2021 has sold for $12.46m at a packed auction. And there’s a very good reason why, says the agent who’s sold nearly $50m worth of homes in a week.
The five-bedroom, four-bathroom home with four-car garage at 34 Rosslyn St, Bellevue Hill hadn’t been touched by its vendors, East Invest and Associates managing director, Mark Chikarovski and his wife, Hannah.
But the buyers were Australian expats returning from China — and two of the three bidders who fought for it were the same type of buyer.
“It has a great northerly aspect, it was a substantial family home close to all of the best schools and it was up high on a hill with harbour views — that’s what they liked about it, “ says the PPD principal Alexander Phillips.
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“We had 119 groups through Rosslyn St in four weeks and 50 per cent of them were Chinese.
“Now that China’s open after not being able to travel for three years, the Chinese are returning and it’s propping up our market.”
Because of the enthusiasm for the property this week from the Australian-Chinese buyers, Phillips decided to bring forward the auction by a couple of weeks, to strike while the iron’s hot.
As Phillips says: “The market’s gone down or sideways” since the Chikarvoskis bought it, but that didn’t stop a crowd of about 50 turning up to the auction.
Phillips, who had an $11.1m price guide, had five registered parties with the three competing.
Opening at $11m, there were $200,000, $100,000 and $50,000 bids.
Phillips says the prestige property market is rebounding as a result of the returning expats.
“It’s strengthening, you don’t get $50m worth of sales in a week in a weak market,” he says.
Phillips office confirmed on early Friday afternoon that Phillips and his team had notched up seven sales since Monday, totalling $48,290,000, for an average price of just under $7m.
Although those other sales weren’t all to returning expats from China like Rosslyn St, he says they were certainly looking at those properties.
His other sales included a circa $9.3m deal on a four-bedroom home at 163 Macpherson St, Bronte (he’d been guiding $8.5m); two homes in Isabella St, Queens Park in the $2m and $4m range; a Boronia St, Tamarama home owned by global e-commerce hair extension brand Zala founders Lauren McLoughlin and Lachlan Gorman for $14.5m (guide $11.5m); and several others.
Story Credit: news.com.au