Aussies shocked at price of Sydney home but agent has a simple message: ‘They don't know'
That's the sentiment from Australians after a video went viral showing a period home in Sydney's eastern suburbs with an asking price of almost $7 million.
The five-bedroom, three-bathroom Federation-style home on almost 700sq m in one of the city's most sought-after tree-lined streets needs a bit of work. Even the agent admits that.
But many could not understand how it might fetch such a hefty price.
'$7m for this? Australia is cooked,' one person wrote on a video shared by a Sydney buyers agent.
'$7 million and the master bedroom doesn't even have an ensuite?,' another wrote.
'No understanding why anyone would price this house at $7 million,' wrote another.
But the home at 29 Milroy Avenue in Kensington is worth more than that, according to Roger Wardy, the Director at Ray White Touma Taylor.
He should know. He just broke the suburb record with a sale of a similar property — 6 Mooramie Avenue — one week ago that went for $7.5m.
'They don't know,' Mr Wardy told news.com.au when asked about those questioning the price guide.
'They're uneducated about wealth or how to make money. First, they don't have that amount of money. When you know that area and the growth, you wouldn't think twice about that price.'
In fact, Mr Wardy believes the home is worth more. With a few small tweaks, he believes it could be the first home in the suburb to attract offers in the $8m range.
'I see the value here. That's why I invest here. This spot here is on the tree-lined, flat section of the most sought-after street in the suburb.
'It has a huge amount of space, lush gardens, a massive pool, very high ceilings the whole way through.
'Properties like this are rare. It's not the most renovated, but not the most unrenovated. You don't need to spend that much to make another million — just a few cosmetic changes and it could get $8m.'
Not bad for a home that sold in 1997 for just $695,000.
Kensington is just south of Moore Park and west of Randwick, 4km south-east of the Sydney CBD and less than 10 minutes from Coogee Beach. It is booming.
In the last four years, the median house price in Kensington has grown from $2.5m in 2020 to more than $4.2m in 2024.
And Milroy Avenue is 'regarded as the best street in the suburb,' Mr Wardy says.
'It's five minutes from the city, 10 minutes from the best beaches, close to transport to the west and north. It's really conveniently located.
'The people who live here have top tier jobs; surgeons, solicitors, barristers, directors of banks, they live here.
'What I've noticed is people think they want to live near the water. But in two years, they get over it, they get sick of having drunks walk past their house. So they come back from water side to park side. They raise their families here instead.'
Mr Wardy said Kensington is growing in such a way that it has passed the rate of growth for Vaucluse — one of Sydney's most affluent suburbs.
'If you had invested in Kensington 10 years ago and Vaucluse 10 years ago, the percentage growth on the dollar is more in Kensington.
'It's like a diamond in the rough.'
The sale of 6 Mooramie Avenue, which broke a suburb record at the start of May, overtook another of Mr Wardy's sales.
In September last year, he sold 7 Lenthall Street in Kensington, a corner block, for a whopping $7,250,000. The new suburb record at the time was sold after a single inspection.
It bodes well for the upcoming sale at Milroy Avenue. Even if those on social media can't wrap their head around it just yet.
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The Advertiser
18 minutes ago
- The Advertiser
UK to back 50-year AUKUS treaty as US shadow looms
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Australia and the UK are expected to lay out the bilateral aspects of the agreement and explore ways the two countries can work together over the next half-century. In a joint statement, Mr Marles and Senator Wong said the Australia-UK Ministerial Consultations, or AUKMIN, were critical to the two nations' shared interests. "We take the world as it is - but together, we are working to shape it for the better," Senator Wong said. Under the $368 billion AUKUS program, Australia will buy at least three Virginia-class nuclear-powered submarines from the US in the early 2030s. A new class of nuclear submarines will be built in Adelaide and delivered in the 2040s. The US had promised to sell Australia nuclear-powered attack submarines under the AUKUS agreement, but President Donald Trump's administration has launched a review into the deal to examine whether it aligns with his "America first" agenda. 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He said NATO had identified China as a threat to its interests as Beijing continues to collaborate with Russia and North Korea. "It's entirely in the interests of European allies in NATO to be working with Indo-Pacific allies," Dr Bristow said. with PA The United Kingdom has underscored its commitment to AUKUS after revealing it will sign a new 50-year treaty with Australia, amid questions over US involvement in the trilateral security pact. The treaty will be inked when Foreign Minister Penny Wong and Defence Minister Richard Marles host their UK counterparts David Lammy and John Healey in Sydney on Friday for regular Australia-UK ministerial meetings, according to British news agency PA. "This historic treaty confirms our AUKUS commitment for the next half century," UK Defence Secretary John Healey said. 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West Australian
2 hours ago
- West Australian
UK, Australia to ink new AUKUS deal amid US uncertainty, Penny Wong and Richard Marles host talks in Sydney
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West Australian
3 hours ago
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UK, Australia to ink new AUKUS deal amid US uncertainty
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