Terrace jackpot! This home quadrupled in price in over a decade

7NEWS

2 days ago

A grand Victorian terrace in Potts Point has changed hands and more than quadrupled its price since it last sold for just $2.45 million in 2012.
The landmark five-storey property at 157 Victoria Street, was once a dilapidated boarding house, but has since been transformed into one of the most impressive private homes in inner Sydney.
Sold this month through Bresic Whitney, the sale highlights the extraordinary capital growth seen in tightly held areas of the eastern suburbs over the past decade.
With over 360 square metres of internal space, a 6-metre-plus frontage, and rare uninterrupted views of Sydney's city skyline, Harbour Bridge and Opera House, the property represents a rare convergence of scale, location and prestige.
View.com records show it last sold for $2,450,000 in 2012, before the current boom in demand for high-end, inner-city living hit its stride.
Located at the top of Victoria Street, an enclave locals refer to as the "Parisian end" for its leafy streetscape and village-like charm, the home sits among some of Sydney's most desirable addresses.
A canopy of London Plane trees, historic architecture, and proximity to celebrated dining spots like Ms G's and The Butler create a European-style ambience in the heart of the city.
View.com.au property expert and CEO of Cohen Handler Buyer's Advocates, Simon Cohen, said:
"It's an absolute beauty!
"My favourite part of the house is the wine cellar stocked with some great reds, and the kitchen which is modern and sleek and offsets the style of this Victorian terrace and brings it into the modern world."
The residence has been completely reimagined with a focus on luxury and light.
Multiple outdoor entertaining areas with views over Cowper Bay to the CBD, elegant interiors, and thoughtful restoration details blend 19th-century character with contemporary design.
Perhaps the property's most impressive feature is its exclusive outlook. It backs directly onto Embarkation Park, one of the city's hidden green spaces perched above Woolloomooloo Wharf.
With panoramic views extending across to harbour icons, the terrace offers a front-row seat to New Year's Eve fireworks and access to a peaceful park sanctuary year-round.
Cohen agrees: "The best part of the house is this epic terrace with the quintessential Sydney view."
Access to the city is just as spectacular. The Butler and McElhone heritage staircases are cut into the cliff, providing locals with a sneaky shortcut to the Domain, galleries, and harbourside paths and an excellent workout with a view.
In a suburb dominated by compact apartments and smaller terraces, homes of this scale are almost never available.
Agent Chris Breedon of Bresic Whitney East, who handled the sale, said of the property: "It's rare to find a property of this size and quality in Potts Point."
Breedon also revealed that the sale was the result of a longstanding relationship with the buyers, which ultimately made the deal possible. "The buyers were previous clients of mine," he said.
"Back in January they mentioned they were looking to upsize locally, and asked me to keep them in mind if the right place came up. If it did, they wanted to be among the first to know."
That opportunity came in March when the home was due to launch to market. Breedon immediately notified a shortlist of interested parties, including the eventual buyers, though they were overseas at the time.
"I wanted to show them straight away, but the timing didn't work," he said. "The home went to market but didn't find the perfect buyer. The owners were happy to be patient until it felt that way, so we paused the campaign."
The property remained on Bresic Whitney's private sales portal, which showcases exclusive listings not available elsewhere, keeping it visible to qualified buyers throughout the agency's network.
When the buyers returned from Europe over winter, the conversation picked up where it left off.
"They specifically asked if they could see the home and over about a fortnight they visited it several times,"
Breedon said. "They weren't active buyers in the traditional sense, but they'd remembered the home. And now, the timing was right."
With very few properties offering this combination of heritage, luxury, and views, it's little wonder one buyer was willing to pay a premium, and the vendor walked away with a multimillion-dollar windfall.