“There are not many waterfronts in the inner west because the land was traditionally industry in the 50s and 60s,” Mr Horwood said. “Now those former industrial sites are now luxury apartment developments, so when individual blocks come up they are very highly contested.”
The Cabarita home comes with a pool, inground trampoline and basement garaging for eight cars.
Mr Horwood said there were plenty of deep-pocketed buyers willing to fork out for prestige waterfronts in inner west waterfront suburbs such as Cabarita and Canada Bay.
“[Mr Young’s home] sold at auction and was the strongest auction result in the inner west,” Mr Horwood said. “There was very keen interest in the home which shows there are a lot of people with that sort of money in the area.”
“The appetite has been there for a while, and nothing like that has come on the market before.”
Westpac’s Alexander Bischoff flips Vaucluse for Kangaloon
Alexander and Leah Bischoff are swapping Vaucluse for the Southern Highlands after buying a Kangaloon estate.
Westpac’s Alexander Bischoff and his wife, Leah, have sold their Vaucluse home for about $17.5 million just three years – and a major renovation – after picking up the harbour-view property for $5.95 million.
Soon after the pair picked up the 1920s home in June 2020, they commenced a major renovation of the three-level harbour view house helmed by Marisa Alexis Interiors with construction by top-tier builders JCorp.
Now, the couple is trading the eastern suburbs high life for bucolic bliss, having emerged as the buyers of real estate boss Geoff Lucas and wife Nicola’s Kangaloon estate for about $9.75 million.
Mrs Bischoff announced the news of the move on her Instagram account, where she captioned pictures of the Kangaloon property with “The Bischoffs are on the move! Very excited to be starting a new chapter and adventure in the Southern Highlands.”
Along with his role as Westpac’s funding chief, Mr Bischoff is a deft hand at property flipping, given the latest Vaucluse sale follows another lucrative renovation project nearby. In 2012, the couple purchased a 1960s home on The Crescent for $2.32 million and transformed it into a designer abode which they later sold for about $8 million in 2020.
The Bischoffs latest Vaucluse project on Burrabirra Avenue was sold off-market in just seven days through Ray White Double Bay’s Warren Ginsberg and Claudia Brunker who declined to comment on the sale.
The Bischoffs have sold their Vaucluse home for about $17.5 million.
The young family have clearly developed a love of country life, after purchasing a 10-hectare Bilpin weekender in NSW’s Blue Mountains region for $2.55 million in December last year.
Now the Bischoffs appear to be taking a break from renovating, given their latest rural escape requires very little upgrading. The seven-bedroom home has already undergone a recent renovation and extension and comes with a designer country home, Annie Wilkes-designed manicured formal gardens, an equestrian arena, stables, and seven fenced paddocks
Mr Lucas, who is the group chief of the ASX-listed real estate outfit The Agency, purchased the property for $3.5 million in 2015 from former NAB executive Spiro Pappas and his wife, Nicky
The Bischoffs have purchased property boss Geoff Lucas’ Kangaloon home for about $9.75m.
The property, 16 kilometres south of Bowral, sold through The Agency’s Ben Collier and Ben Olofsen.