A LAVISH acreage home has smashed the Arthurs Seat record sale price by almost $3.5 million.
The 665 Arthurs Seat Rd property on 20ha fetched $5.5 million after a short three-week campaign and sold to a local buyer.
The previous benchmark price was $2.025 million for 6 Bellingham Rd which sold in 2017.
The record-breaking property includes a stunning seven-bedroom house with an indoor swimming pool and tennis court, plus amenities for equestrian and hobby farm pursuits.
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The property has commanding views of the water.
It is also a fabulous equestrian property.
It had a $5.2-$5.6 million price guide and had been listed with two other agencies for a year before Community Real Estate took over last month.
A change in the terms of settlement helped attract several buyers and multiple offers were received, agency director James Crowder said.
Instead of the usual three or six-month terms, buyers were offered generous vendor terms to settle over three years.
“With slower market conditions and not much interest in the past year, we decided to offer better vendor terms and it worked,” Mr Crowder said.
The house is lavishly finished.
Enjoy swimming year-round.
“A buyer puts a 50 per cent deposit of the sale price and has time to raise the rest.”
In this case, the buyer did not have to resort to the extended settlement terms.
The real estate veteran of 35 years said such extended terms were not common but have been used in the past.
“”The market moves in cycles and when times are tougher, we need to offer better terms to help buyers,” he said.
In cases of very expensive properties, longer settlement terms will help buyers sell first and raise funds to purchase.
Mr Crowder said similar terms were also being offered for another prestige listing above $6 million at 28 Watts Parade, Mt Eliza.