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Property Resale in Matraville: A $500,000 Surge in Just Over Two Months
In an extraordinary real estate transaction, a duplex in Matraville, Sydney, was sold for $3.05 million just 55 days after its previous purchase at $2.55 million, marking a staggering $500,000 increase in value within a mere three-week window.
The Story Behind the Sale
The duplex, featuring four bedrooms and three bathrooms, was initially acquired by a couple in late February. Shortly after moving in, they were approached by Aaron Del Monte, a real estate agent from LJ Hooker, who had been showing an off-market property next to theirs. Del Monte’s client was dissatisfied with the alternative property, leading him to seek out details about the freshly purchased duplex next door.
Despite initial reluctance from the new owners—who had invested considerable time (three years) in their search for a home—they eventually agreed to a viewing after Del Monte promised it would be worth their while. After the tour, Del Monte’s clients were enamoured with the property and submitted an initial offer of $2.8 million.
A Rapid Agreement
Negotiations progressed quickly; within a week, the property was under contract for $3.05 million, notably higher than the suburb’s median house price of $2.61 million. Del Monte remarked on the excitement of both the buyers and the sellers during this process, commenting, “Who makes that kind of money in that time?”
The buyers, who had just sold their home in North Randwick, were thrilled with the acquisition. They considered the price they paid for the Matraville duplex—at just over $3 million—to be an “absolute steal,” especially given their previous experience in more expensive coastal areas.
The Appeal of Matraville
The location played a significant role in the buyers’ enthusiasm. Matraville offered proximity to beaches and a quieter lifestyle compared to their prior residence, making it a preferred choice. Their search initially hadn’t included this area, but Del Monte’s insight into the market trends encouraged them to broaden their horizons.
The unique features of the property—its solid brick structure, generous basement, and flexible floor plan—also appealed greatly to the buyers, aligning with their personal taste compared to more modern homes.
Market Trends and Observations
Del Monte has noted a shift among buyers in Sydney’s harbour-side suburbs, who are now exploring more affordable areas like Kingsford and Eastlakes. This trend has prompted him to expand his operations, opening a new office in Randwick to effectively connect clients looking for properties in less expensive locations while still retaining access to the lifestyle perks of the eastern suburbs.
Conclusion
This remarkable sale underscores the dynamic nature of the Sydney property market, where strategic outreach and a keen eye for potential can lead to impressive financial achievements in a rapid timeframe. As buyers continue to explore areas beyond traditional hotspots, real estate professionals like Del Monte are finding opportunities to cater to evolving demands in the property landscape.
For further insights on real estate and market movements, keep following reliable financial news platforms like Yahoo Finance.
