The society couple bought the glamorous beachfront villa for about $13.5 million four years ago and did a cosmetic renovation.
In the rarefied air of some of the most well-heeled neighbourhoods,it’s routine for buyers to spend millions without a mortgage.
The happy buyer beat 13 others for the renovated,two-bedroom ground-floor unit with a courtyard in a sought-after spot.
‘I just love the property. I’m very,very happy to be in this neighbourhood,’ said the new owner,who bid in front of a 100-strong crowd.
The average home buyer’s budget has been slashed by about 30 per cent over the past two years,but there’s little sign of house prices following suit.
Both the buyer and the underbidder expected the two-bedroom house in a sought-after location to sell for even more.
Owners of detached houses are likely to sell for a profit,but investors or first home buyers on a tighter budget can avoid missing out.
They have local job options,rising house prices,strong rental demand and new infrastructure on the way.
A patch of paradise won’t break the bank in some of the most beautiful and isolated locations in the country.
The difference between a typical three-bedroom house and a typical four-bedroom house can be a stretch for a growing family.
Even in heavily loss-making suburbs where one in five sales are a bust,there’s one type of home that’s almost a sure thing.