Laing+Simmons Randwick: Another 2 Day Turnaround
Wed March 15, 2017
A Queens Park apartment listed on Wednesday last week sold on Friday after being on the market less than 48 hours, netting the vendor $1.1 million in the process. It was sold by Laing+Simmons Randwick Principal Alex Udler to underline the supply and demand imbalance in the Eastern Suburbs.
The split level one bedroom, one bathroom, top floor apartment at 173 Bronte Road in Queens Park combines immaculate finishes and free flowing interiors with polished floors, lift access and high ceilings in a security building. It also has a car space.
“The apartment satisfies the Eastern Suburbs checklist: a beautiful home in a quality building close to a full suite of amenities such as Charing Cross village and Bondi Junction, with the beach close by,” Mr Udler said.
“Yet even with its natural appeal, to sell the apartment in the space of two days for a $1 million plus price tag reinforces just how strong demand is whenever a quality apartment becomes available in the east.
“This result again shines the spotlight on the need to encourage an increase in supply in the area to satisfy demand and make more appropriate use of the land available,” Mr Udler said.
While the sales campaign lasted for less than two days, it was something of a quick turnaround for the vendor too, Mr Udler explained.
“The vendor held the property only briefly, originally purchasing it in September 2015 for $875,000 to show a $225,000 profit in just 18 months,” Mr Udler said.
It was purchased by a local who was renting in the same building.
The Queens Park sale closely follows Mr Udler’s sale of two Randwick homes over the course of a single weekend – listed on a Friday and sold by the Monday – which transacted last month.
One, an immaculate four bedroom terrace home at 117 Bundock Street, sold for $2.275 million, while the other was a three bedroom apartment at 12/76 Wentworth Street, which sold for $1.38 million.
Alex Udler Stephen Naylor
Principal Account Director
Laing+Simmons Randwick Wise McBaron Communication
(02) 8188 1111 (02) 9279 4770