Proximity to Metro and schools pushes price to a new level
A determined buyer who had been househunting for three years has paid $2.336 million for a Cherrybrook property.
There were 18 registered bidders for the four-bedroom home located at 8 Rothbury Place, which is located just a 10 minute walk to the newly open metro station.
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Agent Reuben Kee from The Avenue said it was a thrilling auction with the final result $148,000 above its reserve price.
The only property in the suburb to achieve a higher price is 8-10 Yanderra Grove, a four-bedroom residence set on a double block of 1956 sqm — more than double the size of Rothbury Place. It sold for $2.635 million in April 2018.
“The buyers came mentally prepared, they were expecting to pay higher because there was such good competition — they had been very worried that it was going to sell before auction,” he said.
“In the end it came down to them and one other group — they were fighting against each other, offering smaller increments multiple times until we reached $2.31 million.
“I told them to give it one last crack because the other party is not going to stop and knowing the competition they finally came to $2.336 million.”
It is the first time the 24-year-old home had been listed for sale and is in original condition. Around 450 people had inspected the residence, set on a 758 sqm block, in the lead-up to its auction. It is located within the Milford Grove East Estate and is part of the Cherrybrook Priority Precinct due to its proximity to the new train network.
Mr Kee said he had tried a different marketing strategy such as providing catering for the crowds and having a pianist play during open home extravaganzas.
Some of the property’s popularity had been attributed to its street address featuring the lucky Chinese number ‘8’, however, in the end it was purchased by a family from an Indian background.
Also proving a drawcard was its catchment zone, which includes the highly sought-after Cherrybrook Technology High School.
“It is the best auction I have ever had — both the vendors and the buyers were so happy,” Mr Kee said.
“While the money is good, the vendors were happy they found someone who will continue their love of the home.”
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The result also outperformed the former home of Fifty Shades of Grey publisher Amanda Haywood at 22 Worthing Place. The lavish property, which features resort-style in-ground pool, a built-in spa and glass edge koi pond, sold for $2.208 million in April 2017.
Mr Kee is expecting the sale of the home in Rothbury Place to trigger more suburb sales in excess of $2 million, however, he stressed that it depends on the quality of the home and its location.