Duplexes are becoming increasingly popular dwellings for buyers in Sydney’s north-western suburbs, with recent sales being described as ‘game changing’.
A recent string of sales in the area have highlighted an increase in demand for newly built luxury duplexes, with a number of them selling well above their reserve price at auction.
The six bedroom property at 169 North Rd, Eastwood sold under the hammer for $100,000 above the reserve price at auction over the weekend to a local upsizer.
The newly built dual-concrete slab construction was positioned on a 448 sqm block of land.
During its time on the market, the property received 140 inspections with 420 people walking through its doors.
Listed via Uniland’s Andy Lin and Kris Yu and auctioned via Jerome Smith, the sale saw six registered bidders with 15 total bids competing for the duplex.
It ultimately sold in front of $3.1m, a result that Mr Lin describes as a ‘game changer’.
“I believe this game changing new suburb record for a duplex in Eastwood shines the light of the Eastwood property market, despite 11 interest rate rises over the last 12 months.
“This particular property was a new state of the art duplex which was ideal for upsizers and investors who were looking for the ultimate dream home or rental.”
The sale comes a week after Mr Lin sold 26 Neil St, Epping for $419,888 above its reserve price.
Offered for the first time in 47 years, the five bedroom property had been built in the 1920s and modernised in the 1980s with polished timber floorboards and brick feature walls.
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The owners of the Epping property loved France and filled it with French aesthetic inclusions, with imported tessellated porch tiles, garden artwork, and French doors leading to the garden and terrace.
Over 500 people inspected the home, with the auction seeing 18 registered bidders and 34 bids placed throughout the sale.
It eventually sold to a local upsizer for $3.519m and was one of the highest suburb results for Epping in two years.
“One of the biggest drivers of the sales in this area has been demand from the overseas market. New migrants are coming in and seeking out properties that provide them with both the size and location they can’t find in the city.
“Duplexes offer a lot of potential for buyers looking for a more affordable alternative to a home. Newly built duplexes like the Eastwood property are beginning to be constructed around the Epping, Eastwood and Dundas catchment areas to replace some of the older housing. Instead of just having one big house on a 400 sqm block, the duplex can provide two reasonably sized homes for families to live in the area.”
The homes also included catchment areas for local schools, including Epping West Public School, Cheltenham Girls, and Carlingford high school.
According to the latest Proptrack Home Price Index, national home prices continued to stabilise in April after rising for the fourth consecutive month, rising 0.14 per cent.
The cumulative increase in 2023 is now 0.75 per cent. Strong migration, tight rental markets and limited supply are offsetting the impact of rapid interest rate rises.
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