Abbotsford apartment sells for $3.89 million, setting a new apartment price record for suburb.
A LUXURY waterfront apartment at 4/2 Walton Cres, Abbotsford, sold under the hammer for $3.89 million — $390,000 above reserve.
The four-bedroom home attracted seven registered bidders and an opening bid of $3 million.
Five bidders actively contested for the property in $50,000 and $20,000 increments until the end. The buyers were a local family.
During the campaign, selling agents Joe Rizzo and Marcello Biviano, of PRB Real Estate, saw through 250 groups and issued 20 contracts.
“Buyers were predominantly downsizers and people coming out of large homes and wanting to live by the water,” Mr Rizzo said.
Waterfront homes were always in high demand, he said.
“There’s only a small handful in the whole area,” Mr Rizzo said. “When one does come up for sale, competition is quite aggressive.”
The owners made a tidy profit of nearly $800,000, having bought the home for $3.117 million two years ago.
The home occupies the entire fourth floor of the five-storey block, and has panoramic vistas of Abbotsford Bay, stretching from the Gladesville Bridge to the CBD,
Two years ago, the apartment was extensively renovated, with no cent spared by the owners who engaged Coco Republic to design the interiors.
An open-plan kitchen, dining and living area spills out to an expansive balcony overlookin gthe water.
There are four bedrooms that have built-in wardrobes, built-in joinery with sensor lighting, and
stunning imported European grasscloth wallpapers.
Residents in the block have shared access to an expansive entertainment deck with an infinity swimming pool, lawns, a communal boat shed, an outdoor bathroom, and a marina.
According to CoreLogic RP Data, the median apartment price in Abbotsford is $1 million.
The inner west enjoyed another strong weekend of auctions, with the region recording a clearance rate of 88 per cent.
A Tudor-style house at 23 Newton Rd smashed expectations by $1 million when it sold for a whopping $6.8 million.
The four-bedroom house was contested by three of the five registered parties at an auction attended about 200 people.
Devine Real Estate Strathfield agents Steven Devine, Greg Emerton and Aaron Papadimatos had more than 150 groups inspect the house and issued six contracts.
The house is the second-most expensive property in Strathfield, behind 47 Newton Rd, which sold in May for $6.825 million.