Dover Heights home sells after a year and a $1.5m price drop
It was by far the best house on the street and it’s finally sold for double the previous street record — but there were no bites when it went on the market at $8.5m more than a year ago.
You can’t blame anyone for being ambitious.
Perhaps at the peak of the market someone may have paid that for the remarkable clifftop home with ocean views. It’s on a huge 1,125 sqm block and has a pool and a tennis court.
But no-one would play ball when the renovated four-bedroom, three-bathroom home at 67A Liverpool S
t was first launched to the market.
Finally, the sold sticker has gone up at the clifftop, resort-style home of barrister Grahame Richardson and his wife, Rebecca, the managing director of urban planners Urbanista.
There’ve been a few agents over the time. But the latest were Pillinger chief Brad Pillinger and his colleague Jun Wu, who wouldn’t comment on the sale price.
However, other sources said it was close to $7m, the latest price guide the agents had offered.
CoreLogic data indicates the previous record price in the street was $3.65m, set in 2002.
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Although the average “days on market” in the east have stretched out slightly over the past year — from 60 days to an average of 64 days according to CoreLogic — this one was a mammoth 374 days.
That’s a longer period on the market than most. But price adjustments have become common, even in the popular eastern suburbs.
“It’s spread quite evenly — even in Bellevue Hill which is always in such high demand,” buyer’s agent Nicky Cadry, of Buyeast says.
“It seems to be property dependent, with a solid family home that ticks all the boxes still fetching big prices, whereas homes with a particular ‘quirk’ going for less.
“Sometimes it’s vendors overcooking the original price.”
Sometimes when vendors don’t get what they want, they simply withdraw it from the market and decide to stay put.
“It depends on the motivation — some have already bought somewhere else or there’s been a divorce,” Ms Cadry says.
And of course many vendors decide to accept the price drop, knowing that they may get a good deal on their next property.