In an extraordinary testament to the power of real estate location and long-term investment, a humble two-bedroom house in Cabarita, Sydney, has sold for a staggering $8.35 million. The 850 square meter property, which had been owned by the same family for 53 years, was snapped up a day ahead of its scheduled auction on May 20, 20231.
The modest home at 9 Collingwood Avenue was last purchased by the Waller family in 1969 for a mere $17,000. Over half a century later, the property’s sale price reflects the astronomical surge in the value of Sydney real estate, especially in highly desirable locations. The new owners, a local family, plan to tear down the existing structure and build their dream home on the site, following a spirited competition among more than three interested parties2.
The allure of the property is largely due to its premium location in Cabarita, one of Sydney’s most sought-after suburbs, right on France Bay. The neighborhood boasts elite private schools, trendy cafes, fine dining restaurants, and convenient transport links to Sydney’s central business district, promising the “ultimate Inner West lifestyle” as per the listing3.
According to Ben Horwood of Horwood Nolan, the rarity of such properties in today’s market significantly contributed to its appeal. “Inner-west waterfronts are typically built up with waterfront apartments, there are very few standalone properties in the inner west,” he explained. This, coupled with the property’s close proximity to private schools and the rest of Sydney, made it an especially attractive investment for families45.
Interestingly, another property of similar size just two doors down from 9 Collingwood Avenue fetched $8.2 million in July 2022, underlining the lucrative potential of the area’s real estate6.
The Waller family, having owned the home for over 50 years, decided it was time to pass the torch and move on. Their decision has undoubtedly proven to be a profitable one, and their once modest home is now set to become the site of a dream residence, reflecting the ongoing transformation of Sydney’s real estate landscape7.