A modest Sydney home, built over half a century ago, has sold for a staggering $20 million.
Unlike the glamorous waterfront dwellings most would expect that amount of money to buy, the home in Manly’s Fairy Bower on Sydney’s Northern Beaches appears surprisingly unremarkable.
The revealed the four-bedroom Bower Street residence sold for just under $20 million, despite sharing none of the luxury features many of its neighbours possess.
The home last sold in 2016 for just $4.55 million.
Having stood since the 1950s, the home lacks most modern amenities, which is perhaps why the unnamed buyer reportedly intends to knock it down.
What the property does have is expansive north-facing ocean views and a location within steps of some of Sydney’s most desirable coast.
The 973 square metre block backs onto Bower Street Reserve, offering direct access to Shelly Beach.
A real estate blurb describes the existing brick home as “liveable”, but says the property’s true value lies in its location.
Other recent sales of four bedroom houses nearby saw the hammer fall for around a quarter of reported $20 million.
The reported that Bower Street has recently become a stand out in the area for the prices it attracts, since the Catholic Church softened rules governing its leasehold properties in the street – allowing a 20- to 30-year lease extension.
In 2018 another knock-down-rebuild Bower street property sold for $13 million.
According to CoreLogic, the median property price for homes in Manly is $4.5 million and have increased by 44.46 per cent in the past year.
