Paddo property off and racing
Recent Paddington prices suggest the suburb is popular again with buyers, albeit with limited opportunities.
Darlinghurst and Surry Hills had narrowed the gap, but now Paddo has hit its stride.
James Harron, the managing director of James Harron Bloodstock, and wife Alison are recent Paddington buyers having spent $4.75 million.
The purchase will be small change should the young Irishman have the winner of the $10 million The Everest, the world's richest turf race at Randwick this October.
Their four bedroom home was snapped up within a fortnight of its listing through BresicWhitney agent Brad Hillier.
It had been a quick flip renovation as the home traded at $3.31 million in 2015.
The large two storey terrace with double frontage features polished timber floors, high ceilings and decorative period detail.
Set on 300 sqm, it has an atrium-style connection with gardens and a private entertaining space.
Harron first came to Australia in 2004 to do a three month yearling sales preparation for Coolmore Stud, the Irish headquarters of the world's largest breeding operation of thoroughbred racehorses.
He returned to Australia in 2011 to set up his own business.
Harron had quick success with the now retired Capitalist, then Vancouver.
James Harron Bloodstock was successful in purchasing two colts and three fillies at the mid-week Inglis Sydney Easter Yearling Sale.
Meanwhile billionaire Greg Goodman's thinning of his Woollahra property portfolio has spilled over to Paddington, where whispers are he has offloaded a three level Underwood Street investment.
The home that had been reinvented by Luigi Rosselli cost Goodman $4.2 million in 2014 through estate agent Will Manning.
Leased at $3,500 a week in 2015, the Victorian four bedroom terrace is tipped to have attracted buying interest around the $6 million to $6.2 million region.
The buyer is likely to emerge as Nudie Jeans co-founder Bryce Alton and his wife Rebecca.
According to RP Data, the median sale price is now $2.1 million compared to $1.3 million in 2012 and $1.6 million in 2014. The number of homes sold per year decreased during 2016 to 200, down from the more typical 300 per year.
This article first appeared in the Sunday Telegraph.
