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Cherrybrook house sells for over $2.2m after passing in at auction

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A surprise midnight call has sealed the deal in an extraordinary property sale that scored one savvy family a $1.14m profit.

A midnight call has sealed the deal in a property sale that made one family a $1.136m profit in just eight years.

The double storey house at 11 Highgate Place, Cherrybrook sold for $2,206,000 through private treaty after passing in at auction a couple of weeks ago.

While the brick house had received plenty of interest during its campaign, selling agent Jack Bi from Murdoch Lee Estate Agents Cherrybrook – Castle Hill was surprised to find just three registered bidders turn up on the day.

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Family hits boom jackpot with $1.5m profit in 18 months

Of these, only one made an offer, and the property passed in at $1.95m despite strong buyer feedback that it was worth around $2.1m.

Mr Bi contacted the buyers who hadn’t turned up to the auction and found that rising interest rates and the upcoming election had caused some hesitancy.

He ended up in negotiation with an Australian living in Shanghai, who, due to a time zone difference, would often call or message just before midnight.

The buyer made an offer of $2.1m, but Mr Bi was able to negotiate the price to meet the vendor’s reserve of $2.2m. The final sales price ended up being $6,000 over.

“The vendor was very happy with the price,” Mr Bi said, explaining that they had purchased the house in 2014 for $1,070,000.

The $1.136m profit equated to capital gains of $142,000 a year for the family.

The buyer has plans to live in the property with his family once lockdown restrictions in China have lifted.

The greatest appeal of the property was its proximity to sought after schools.

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Originally published as Cherrybrook house sells for over $2.2m after passing in at auction



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