Real Estate

iaeve been waitingae says buyer who bought dream bellevue hill unit

Written by The ReReport

Buyers Peter Moussa and Frida Eriksson-Moussa in the courtyard of the Bellevue Hill apartment they bought today. Picture: Tracey Nearmy

The wealth manager who bought a beautifully renovated one-bedroom apartment in Bellevue Hill this morning for $796,000 said he’d been waiting for the “doom and gloom headlines” before making his move.
And despite paying $46,000 over reserve, Citibank’s Peter Moussa, 34, who had been renting across the road from the unit at 3/169 Victoria Rd, knows he’s on a winner.
“Something like this is rare,” Mr Moussa said of the unit, which 65 sqm of internal space had opening to an east-facing 79 sqm courtyard that he and his wife, Frida Eriksson-Moussa, have the exclusive use of.
While it would be their first home together as a couple, Mr Moussa had sold properties in the west in 2012 and been biding his time ever since.

The vendors had spent $50,000 on a renovation at 3/169 Victoria Rd, Bellevue Hill

“I’ve been waiting for the correction and now all the doom and gloom headlines are here,” he said.
There were plenty of others who recognised the quality of the opportunity.
Belle Property’s Edward Brown and William Hotson had 48 homehunters through the apartment during the campaign with 11 groups — a mix of first home buyers and upgrading professional couples and singles — registering to bid today.
Only four of them put bids in.
The minute Cooley’s auctioneer Jake Moore called for an opening bid, Mr Moussa offered $720,000 and the $10,000 and $5000 bids were flying.

Hot east auction - first home buyersAuctioneer Jake Moore in action at Bellevue Hill today. Picture: Tracey Nearmy

At $750,000 — the reserve — the bids dropped to $2000 and $3000 and then a mix of $1000 and $4000 increments but the fast pace continued.
When bidding slowed slightly at $790,000, Mr Moore and Mr Brown showed their expertise by trying to extract every last $500 out of the buyers.
But after Mr Moussa’s offer of $796,000, despite much encouragement, the young underbidding couple wouldn’t budge. Another party inside made a quick phone call before announcing they, too, had nothing to offer. “Take it,” he said to Mr Moussa.
And Mr Moore slammed the gavel down to the overjoyed couple.

The dining area at 3/169 Victoria Rd, Bellevue Hill

The vendors, Greg and Dorothy Cusack, who’d bought the unit in 2011 for $421,000, and most recently had their daughter, Jane, living there, were happy, too.
“It was lovely to see so many people here,” Mrs Cusack said. “I was quite surprised!”
Their other daughter, interior designer Sara Cusack Cox, had supervised the $50,000 renovation — repainting, restoring the original timber floorboards and updating the kitchen and bathroom.
Mr Brown said their work paid off. “Even at the peak of the market we would only have got $820,000 or $830,000,” he estimated. It might have got more if there was off-street parking.
Meanwhile in Clovelly, a three-bedroom home on a 447 sqm level block at 6 Brandon St sold for $3,130,000 — $230,000 over reserve, through Mark McPherson and Emilee Tayyara of McGrath Coogee.

6 Brandon St, Clovelly sold for $3,130,000 — $230,000 over reserve

The pair had four register with three competing. From the opening bid of $2.8 million, it got to $3 million very quickly, with two from then on.
The property had been in the Rioloo family for 64 years and was the oldest house in the street and one of the oldest in Clovelly, once being part of a dairy farm.
“Level blocks of land like this are few and far between,” Mr McPherson said.
“This is pretty special — it faces the right way and it offers a really great backyard.
“There was a desire to own it in the eyes of all the buyers.”
The successful purchasers were a local Clovelly family who plan to knock down the old house and build their dream home.

The buyers of 2 Gould St, North Bondi, will keep some of the original features

Meanwhile in North Bondi, empty-nesters won the battle for a two-bedroom semi on a 244 sqm block at 2 Gould St, which sold for $1.91 million — $110,000 above the reserve.
South Eastern agent Peter McGuinn had three groups register with all of them competing for the deceased estate, offered to the market for the first time in 34 years.
Bidding had started at $1.7 million and risen in $25,000 increments and then $10,000s.
The couple, from the eastern suburbs, wanted a smaller home close to the beach.
They plan to upgrade the kitchen and bathrooms but retain some of the original features, such as the architraves and patterned ceilings.

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