Mortlake Apartment Doubled In Price In Less Than 9 Years

The apartment has 82 square meters of internal space with a 58 square meter garage that has an internal access. It has a terrace that measures 35 square meters and a kitchen with glass splashback. The vendors of the apartment Jamie and Annette Fitzgerald spent 2 years to personally renovate the home.

Jamie Fitzgerald is the owner Garage Blitz, a local provider of flooring solutions. He took it upon himself to be responsible for the renovation project. He put in new timber floors, built a new bathroom, a kitchen, an internal staircase and fixed the garage floors.

The Fitzgerald’s are selling the apartment because they will be upsizing 10 minutes down the road to the neighbouring Concord, a small town in a big city. They wanted a bigger space and a yard for their 3-year old child. Jamie Fitzgerald felt sad to leave the apartment but the Concord-Mortlake area was a growing suburb. The area is not as busy as Sydney; however, it is only 10 kilometresaway from the centre of Sydney.

When the apartment was auctioned off, a first-home buyer from Strathfield immediately made an offer for the 2-bedroom apartment with an initial budget of in the “high $800,000’s” because she wanted to rent it out before she eventually moves in. Selling agent Dib Chidiac was excited about the offer but there was a bit of competition.

Mr. Chidiac initially quoted $800,000 to $880,000 for the unit but the reserve of $900.000 was immediately reached in less than two minutes. The Fitzgerald’s said that the results were beyond their expectations. With auctioneer Alex Pattaro presiding, the bidding opened at $800,000. A downsizing group and the final buyer exchanged 39 heated bids of $25,000, $10,000, $5,000, $2,000 and $1,000. There was an influx of first-home buyers but since stock is low, prices are quite high.

No one can tell if the buyers were attracted by the glass splashback colours in the kitchen or the beauty of new bathroom but many newbie buyers definitely prefer something small to suit their budget. On the other hand, using a glass splashback is a good trick to create the illusion of a bigger space in a tiny kitchen.

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