For a long time, home buyers have been hiring designer architects and spending millions of dollars waiting for the completion of their dream home. But there is an easier way to secure a new property: Buy someone else's dream home after they have done all the hard work.
That was exactly how a young family was able to buy a five-bedroom, three-bathroom house Alex Roth designer pad in Coogee for $3.57 million. The vendors knocked down a 1980s home for which they had paid $1.4 million in 2012 to build the new house.
McGrath agent Adrian Bo thought it was a fair deal, considering that construction costs must have been close to about $2 million. He also said that there was plenty of demand for these types of properties in the eastern suburbs.
"There are a lot of buyers looking at this price level after upgrading from their semis, which had been selling for about $1.5 million but they're now either side of $2 million," Bo said. "And those sort of prices are catapulting these buyers' budgets into the $3-million range."
This is certainly a huge help to the ailing auction market in Sydney, which only recorded a clearance rate of 67.7 per cent last weekend. "It's the third week in a row that the clearance rate has fallen and the weakest result of the year," said Domain Group chief economist Andrew Wilson.
However, not all designer homes are easily being sold. A $7 million property in the Southern Highlands passed without a bid.
"These are big decisions when you have a property of this magnitude," said agent Michael Maloney of Richardson & Wrench Bowral.
It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan