Real Estate

Buyers from the inner west seek value in peninsula suburbs north of two bridges

Written by The ReReport
As seen in the Source link, written by on 2019-03-18 22:25:04

The Point Rd, Woolwich: Inner west buyers bought the property that had been owned by the family of artist Norman Lindsay since 1965.

In the past week, Matthew Ward from Ward Partners has sold two properties to buyers from the inner west.

A rare offering, a tennis court on the main artery into the peninsula suburb at 31 Woolwich Rd, Hunters Hill, sold at auction for $3.55 million, a comfortable $250,000 above the $3.3 million reserve.

Both the buyer and underbidder were from the inner west, Mr Ward said.

The new owner has acquired a level 900sqm land parcel with DA approved plans for a three-storey house (the first floor is at basement level).

Tennis court for sale

The new owner (who did not wish to have his name published) of the disused grass tennis court at 31 Woolwich Rd, Hunters Hill, after Saturday’s auction. (Photo: Sam Ruttyn)

Almost at the other extreme, a rambling run down Federation house on 1950sqm at 5 Ady St, Hunters Hill, sold for less than the asking price of $4.5 million to a young family from the inner west through a post-auction private treaty sale.

The property requires a huge amount of work, both inside and out.

Mr Ward said he had noticed an increase in the number of inner west buyers passing through open inspections in Hunters Hill and Woolwich.

“We are seeing more people from Balmain and Annandale turning up,” he said.

“Hunters Hill is great value for money. And people are realising that it’s just two bridges* to the north.”

5 Ady St, Hunters Hill: the new owners plan to revive the house and garden to their former glory, says Matthew Ward from Ward Partners in Hunters Hill.

Mr Ward said many buyers were looking for character homes that offered more space than they could ever get in the inner west.

McGrath Hunters Hill agents Nicholas Cowdrill and Tracey Dixon last week sold a sandstone villa on The Point Rd, Woolwich belonging to the grandchildren of famous artist and author Norman Lindsay and his wife and muse Rose Lindsay.

A family from the inner west made a pre-auction offer too good to refuse that fell within $5 million to $5.5 million buyers guide.

The five-bedroom house with period features and Lane Cove River views to Cockatoo Island and the Sydney CBD is set on a secluded 1300sqm block.

Inner west buyers bought The Point Rd, Woolwich, property prior to auction.

It has been in the Lindsay family since the early 1960s.

Mr Cowdrill said the new owners were prepared for the challenges of renovating the house and reviving the garden.

On Saturday, a renovated and extended period house at 5 Margaret St, Woolwich, achieved the highest auction sale price in NSW for the weekend, going under the hammer for $4.3 million.

The new owners are a couple with two young children from the eastern suburbs.

Co-selling agent Nicholas McEvoy from BresicWhitney Hunters Hill said the vendors were downsizing to — you guessed it — the inner west.

*For those readers who are unfamiliar with Sydney landmarks, Mr Ward is referring to the Iron Cove Bridge and Gladesville Bridge.

5 Margaret St, Woolwich, sold at auction for $4.3 million to achieve the highest recorded auction sale in NSW last weekend.