A beautifully renovated Castle Cove house sold for $1m over expectations and two weeks before its scheduled auction in a frantic sale involving nine buyers.
The six-bedroom home at 70 Neerim Rd had a guide of $3.85m but sold for $4.98m in just 18 days.
Craig Ireson, of McGrath Castle Cove, said the new owners were from mainland China and had lived in the north shore area before.
“The fact that it was Chinese New Year helped,” he said. “There were many Asian buyers,” he added.
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Twenty-one contracts were issued in the first days of the campaign, then the auction date was brought forward by two weeks, then offers started pouring in from buyers keen to secure the solid tri-level home overlooking Middle Harbour before auction.
By the day before the revised auction day there were four buyers at $4.4m, then three buyers at $4.6m and two buyers continued to make offers until sellers accepted the final offer of $4.98m – more than $1m higher than their original guide.
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China’s recent decision to no longer recognize overseas online university degrees has also prompted many families to relocate to Australia for their children’s face to face tertiary education, Ireson said.
Although the government ban was later tempered, students have been encouraged to return to overseas campuses in person.
Property records show the Neerim Rd home was bought for $3.4m in 2019 in the name of a company linked to the He and Lui families.
The company also owns an apartment in Wentworth Point bought for $980,000 in 2016 and a house in Miranda bought for $1.44m the same year.
Originally published as Chinese New Year helps Castle Cove house sell $1m over expectations
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