HSBC banker Guy Dickinson has snapped up a five-bedroom Bellevue Hill home that was on the market for only one week, with sources saying he paid just under $5m.
Alan Fettes, of Ballard Property, received 100 email inquiries and had 40 groups through the open homes for the P & O-style classic with city views and a pool at 10 Kulgoa Rd.
And it looks like the bank’s head of global markets and Treasurer paid a bullish price.
The vendors, Eureka Al managing director Martin Filz and his wife, Helen Lorkin, had made no improvements since buying the home for $3.9m in 2016.
Although they did do a pre-campaign paint job costing about $15,000.
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Mr Fettes was tight-lipped about the buyer’s identity or the price paid, but he did confirm that he had three contracts out on it with two buyers fighting for it.
So it looks like the vendors have made more than $1m in three years.
The REA listing described the home as “a striking example of P & O style architecture” with “idyllic gardens in an exclusive pocket of Bellevue Hill”.
It looks to be exactly the type of home that, as buyer’s agent Lauren Goudy of Rose & Jones pointed out, was “bucking the downward trend”.
She points to CoreLogic figures showing Bellevue Hill had a 15 per cent increase in the median house price in the past year.
“The consistent pattern of this micro-market would be a good reason for a potential buyer in this area to refrain from ‘holding-off’ or listening to generic property market information,” Ms Goudy said.
Ms Goudy points out that demand for units in Bellevue Hill was weaker, which she attributes to banks tightening their lending criteria.
“The median unit price in Bellevue Hill dropped 10 per cent in the 12-months to February 2019, to $1,112,000, and there were 20 per cent less transactions in that period,” she said.
Other hot spots were North Bondi units and she said that the inner-city markets of Paddington and Surry Hills were also protected from the “bell-curve median price trend of greater Sydney”.
“The increase in median house and unit median prices in both these areas has not been dramatic, however has proven consistent,” she said.