Why old Bellevue Hill house doubled in value in two years
An old Bellevue Hill home has just sold for $13m, nearly double the price it sold for two years ago — because of two key factors.
The five-bedroom house on a 536sqm block at 20 Rosslyn Ave fetched $7.4m in February, 2023 at a competitive auction.
And now, a buyer with a mainland Chinese background has shelled out $13m off-market via TRG founder Gavin Rubinstein in conjunction with colleague Evan Cheung.
Rubinstein says the big price was down to two factors.
The buyers were firstly impressed by the vendor's recently approved DA for a three-level home with lift gliding between the basement, entertainment level and four bedrooms upstairs.
But the second factor was Cheung was able to overcome the language barrier — he's fluent in both Mandarin and Cantonese.
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'He was able to explain to the buyers the benefits of the proximity to private schools in the east and the planned new home, which will offer direct views of the Harbour Bridge,' Rubinstein said.
It was a similar story with a five-bedroom house at 167 O'Sullivan Rd, Bellevue Hill on a 560 sqm block, that the pair have recently sold for $8.5m to an overseas family relocating to Australia and purchasing their first home.
Multiple agents had previously attempted to sell the property, but after Rubinstein and Cheung took it over they sold it off-market in April after just one inspection.
'The relationship had been nurtured well in advance,' Rubinstein said.
'It helps a lot having Evan fluent in Mandarin and Cantonese — which is something we genuinely excel at — in this case both buyers came from an overseas background.'
He added that The Rubinstein Group team excels at connecting with buyers with overseas backgrounds, mainly due to social and digital marketing and an exclusive referral network that both Gavin and Evan work with.
The big results follow the TRG duo achieving the record price for a semi in Bellevue Rd, Bellevue Hill on April 15.
'We've sold the most properties in Bellevue Hill over the past 12 months,' Rubinstein added.
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