How Sydney homeowner supercharged sale price by $7m
One old home on a 593sqm block at 16 Wilberforce Ave, Rose Bay that last traded for $1.05m in 1998 has exchanged for about $14m.
The result is twice what it normally would, and its three neighbours have had similar success by teaming up to sell their properties to a developer, capitalising on the State Government's new plan to encourage new apartment hubs close to shops and transport.
This recent deal for four homes, 12-18 Wilberforce Ave, on the combined 1841sqm block was circa $54m through Colliers agents Guillaume Volz and Paul Ephron.
The properties were snapped up by Lewin Family Group, a developer most famous for projects on the north shore, who were represented by Joshua Punin of Biller Projects.
'As soon as this hit the market, we decided to position ourselves well because we liked this site,' Punin said.
'It was a good outcome collectively and we're looking forward to launching to market over the next few years.'
He expects his clients will proceed with a six-storey building, as allowed under the State Government scheme.
'Or they could go for eight storeys if they play the housing affordability card,' Punin added.
Developers are allowed to build eight storeys if they include some more affordable apartments.
The other Wilberforce Ave home sales, according to property records, included a rebuilt four-bedroom home with pool on a 479sqm block at 14 Wilberforce that last traded for $4.05m in July 2011; a home on a 535sqm block at 12 Wilberforce Ave that cost $5.4m in December 2020 and a home on a 234sqm block that cost $1.75m in 2005.
The deal follows a range of other similiar deals in Rose Bay, including five owners in nearby Dover Rd who sold up for $75m.
Guillaume Volz is currently negotiating the sale of a near 6000sqm 'super site' at Dover Road and Wilberforce Avenue, expected to total $165m.
'This is a groundbreaking opportunity that marks the next chapter in the changing face of the eastern suburbs,' said his colleague, Paul Ephron.
'And it's changing for the better.'
Given the huge windfalls possible, Punin says many Rose Bay vendors are queuing up to sell.
'Homes worth $7m are getting $12m to $14m depending on the property, which is incredible,' he said.
'A lot of the homeowners in Rose Bay don't even need the money, but they don't want to be surrounded by apartment blocks so they're selling up.
'Others are thinking they'll sell the big house, make some good money, and then buy a brand new apartment in the same spot ... they're thinking 'I love my village, I want to move back'.:
Vaucluse MP Kellie Sloane, touted as a future Liberal Party leader, has been critical of the State Government's focus on Rose Bay for apartment developement saying it doesn't have a decent supermarket or a train line.
But Punin is adopting a 'built it and they will come' approach.
'There will be a catch-up ... the area is going to be further developed with more facilities, and I hear on the grapevine there's another Coles coming,' he said.
He also dismissed traffic concerns. 'If these apartments are selling for $5m to $7m, it won't be to young families, it will more likely be downsizers and retirees who probably won't be driving in peak hour.'
Reflecting on the broader shift in Rose Bay, Ephron added: 'In over 25 years of working in Rose Bay, I've never seen a more exciting time.
'People say the market can't absorb 500 new properties—well, the world came back from a pandemic.
'Rose Bay is a resilient, robust, financial hub that will eat this up if it's done properly.
'If you run the right process and find the right developers with credibility, who will deliver a product with credibility, the end market will absorb it - comfortably.'
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