Paddington terrace purchased for $115,000 in 2000 expected sell for more than $10 million
The five-bedroom, four-bathroom property at 46 Gordon Street in the sought-after suburb Paddington is located a stone's throw from Centennial Park and Paddington Public School on the Moore Park Road side of Oxford Street.
Sitting on 246 square metres, the home is in a row of closely held 1890s terraces, one of which was previously owned by Midnight Oil frontman Peter Garrett.
The former Labor MP might be kicking himself over his decision to flip number 50 in 2018 for $5.25 million — a record for the street at the time — after snapping it up for $2.7 million three years earlier.
50 Gordon Street sold again earlier this year for $10.2 million.
'It's known as one of the most popular rows of terraces in Paddington,' said Maclay Longhurst from Sotheby's International Realty Double Bay.
'Currently we've got a buyer's guide on ours at $10 million with hopes to better the sale two doors down.'
Despite the eight-figure price tag, Mr Longhurst said it was far from the most expensive terrace he had seen.
'There's been quite a few other sales that have ranged between $12-15 million for various terraces, but it's a very popular row,' he said.
'Our guide is in line with [other] sales.'
The architect-designed, luxury three-level residence is listed for auction on Saturday September 13. Mr Longhurst said he already had four buyers with contracts 'currently considering'.
'We don't have expectations pre-auction or auction yet,' he said.
'Number 50 sold within two weeks pre-auction and was also very popular when we listed.'
The home has been 'completely rebuilt' by the owners, who are described as a 'very, very private'.
'It's got a double-car garage at the rear, self-contained studio above and they've created a really beautiful, chic, alfresco living space that has a plunge pool,' Mr Longhurst said.
The listing has caused a stir on social media.
'Project Zimbabwe well underway in Sydney!' NSW Young Nationals vice president Samuel Barry wrote on X. '10 million dollars for a TERRACE! An attached TERRACE! Australia, what are we doing?!?'
Another user wrote, 'Housing price appreciation. The sickness that has destroyed Australia.'
Paddington's median house price has increased 13.4 per cent over the past year to $3.6 million, according to PropTrack, and is up from $2.4 million in August 2020.
The median price for a four-bedroom house is $5 million.
Nationally home prices hit a record high of $827,000 in July, rising 0.3 per cent over the month to reach 4.9 per cent year-on-year growth, according to PropTrack.
Prices have risen more than 50 per cent in five years.
All capital cities except Canberra saw monthly and annual growth in July, with every city except Melbourne, Canberra and Hobart hitting new price records.
The median dwelling price in Sydney is now $1.194 million.
'The median value of a house is now sitting at $915,000 nationally, with units at $678,000,' REA Group senior economist Anne Flaherty said earlier this month.
'Despite the Reserve Bank's surprise decision to keep interest rates on hold in July, prices rose in all cities bar Canberra. Yet the pace of growth did slow down in July, resulting in the smallest monthly growth seen this year.'
Ms Flaherty said prices were expected to break further records later this year following more anticipated rate cuts.
At its August meeting, the RBA delivered a widely expected 25 basis point cut, bringing the cash rate to 3.6 per cent.
AMP is tipping three more rate cuts in November, February and May, bringing the cash rate to 2.85 per cent.
'Australian home prices have started an upswing on the back of lower interest rates,' AMP chief economist Shane Oliver said in a client note.
'But it's likely to be modest initially with poor affordability and only gradual rate cuts constraining buyers. We see home prices rising around 6 per cent this year.'
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