177A Albion St, Surry Hills, has sold for close to its $12 million price guide, smashing the suburb record by about $4 million.
The Surry Hills house price record has been smashed with the sale of a landmark residence for close to its $12 million guide.
The result comes as agents say inner-city prices have dropped 10 per cent because of the coronavirus crisis, but a warning for buyers to not “drag their heels” with predictions of a quick rebound and a strong spring.
The Agency’s Ben Collier was tight-lipped when contacted about either the result or the identity of the purchaser of the four-bedroom, four-bathroom ‘Italianate House’ at 177A Albion St.
However, other sources said the 1890s property, which had been dramatically transformed since it last sold for $3.15 million in 2011, sold for close to its guide.
That means that despite the coronavirus crisis, Collier’s sale has beaten the suburb record by about $4 million.
And it follows Collier’s big week last week, when he sold $20 million worth of property.
The facade of 177A Albion St, Surry Hills.
The property has been completely transformed.
The previous Surry Hills record had been $7.95 million, when a converted warehouse in Marshall St sold in 2016.
There’s no doubt that the Albion St home — on a rare 512 sqm block — is also a very special property.
The now designer residence and guesthouse (once stables) had been the headquarters for the Royal Australasian College of Surgeons for 20 years.
Architect Renato D’Ettorre, who completed the radical reno in 2017, kept the elegant Italianate facade but has created beautiful interior spaces with custom-made finishes, luxurious bedrooms, Carrara marble bathrooms and rooftop terrace with 270-degree neighbourhood views.
The buyer saw the home as a great chance to step up during the coronavirus crisis.
It’s, by all accounts, stunning.
The unique property was briefly on the market in late 2018 with unrealistic hopes of up to $14.8 million with another agent.
Elsewhere, in the inner city, although not record-breaking, there has been another big sale in nearby Redfern.
A six-bedroom home on a rare large 386 sqm block at 133 Baptist St, which records show is owned by artist Malcolm Poole, sold for $3.6 million through BresicWhitney agent William Phillips in conjunction with Belle Property’s James Perlowski.
The buyers were a couple who had sold in Bellevue Hill and had been renting in Double Bay who, Phillips said, were “looking for something interesting”. They plan to renovate and move in.
133 Baptist St, Surry Hills, sold for $3.6 million.
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It’s on a 386 sqm block, which is huge for Redfern.
The result was above the most recent guide of $3.3 million. It had been for sale for some months with hopes of about $4 million, but revised about three weeks ago.
The price revision resulted in Phillips having two parties fighting over it — the couple from Bellevue Hill and a Redfern local from nearby Thurlow St.
Despite today’s data from CoreLogic indicating home values had risen 0.4 per cent over April, agents say actual sales are showing a price drop of about 10 per cent since the coronavirus crisis hit.
“Given what’s happened, vendors who want to sell haven’t taken long to adjust this time round,” Phillips says.
“And buyers are starting to see the value very quickly as well.”
He’s predicting a strong spring though. “Every day we’re hearing more good news and it’s going to come back with a bang,” Phillips predicts.
“Buyers don’t want to be dragging their heels and missing out.”
Ray White Touma Group principal Charles Touma also says prices have dropped an average of 10 per cent in his markets.
“I reckon it’s pretty much bang on 10 per cent,” the inner-city specialist says.
“I’ve been following every transaction in Surry Hills, Redfern and Darlington — analysing what it’s worth now — before and now — and it’s a clear 10 per cent drop from two months ago.”
The examples he gave include a house sold at 18 Little Albion St, Surry Hills, for $1.26 million (would have been $1.4 million before COVID-19); a renovated four-bedroom house with parking at 430 Abercrombie St, Darlington ($2.03 million, would have been $2.2 million or $2.3 million); a one-bedroom apartment at 605/105 Campbell St, Surry Hills ($715,000, would have been “easy $800k”); 70 Kepos St, Redfern ($1.15 million, would have been “every day $1.3 million to $1.34 million”) and a house in Goodlet St, Surry Hills ($1.385 million, would have been $1.5 million).