A three-bedroom Victorian terraced property in the Camperdown area of inner Sydney, Australia, has just hit the market for the first time since 1956, when it was sold to the grandfather of the current owner for £1,000.
Located adjacent to the picturesque Camperdown Oval, the terrace is expected to sell at auction for AUD$1.6 million on June 27, according to selling agent, Ed Tancred, a real estate agent with the Raine & Horne agency in Petersham.
“It will be interesting to see what a £1,000 investment in 1956 will be worth 60 years later, without the need for any complicated modelling from an actuary attached to a merchant bank.
“The vendor sold the neighbouring terrace 13-years-ago for about AUD$311,000.
“No matter what the final outcome of the auction, it’s sure to highlight the value of owning a quality, growth asset in a premier inner Sydney location for a decent period of time.”
The sale will also demonstrate the continuing robust demand for well-located inner Sydney real estate, with more than 30 enquiries registered with the agency within two hours of the property being listed for sale.
“The home comes with desirable features such as interconnecting living and dining areas, polished timber floorboards and high ceilings,” added Tancred.
“However the clincher for many buyers is the large lockup garage with extra storage. This is a real winner in a suburb such as Camperdown where parking space is being squeezed to the limit.
“The terrace also offers scope for updating and its proximity to the city, Sydney University, the University of Technology, Royal Price Alfred Hospital and the eclectic Newtown shopping precinct is also attracting plenty of owner-occupier and investor attention.”
The property has been consistently tenanted for 13 years and is currently generating a weekly rent of AUD$800 per week, according to the agent.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
