Vaucluse home sells for $900k loss

There has been a $900,000 loss taken on a non-harbourfront Vaucluse listing.

The knockdown home on the high side of prestigious Carrara Rd fetched $10.9 million midweek via private treaty, having sold a year ago at $11.8 million to the Grunberg family from North Bondi.

The single level home, on its 728sqm cul-de-sac block, had ­previously been the abode of ­Michael Caredes and his wife Fylia for 44 years.

The resale price, after 50 days on the market, reflects a 7.5 per cent price drop, at the lower end of the worse case COVID-19 price collapse forecasts. The $900,000 decline comes after its $765,000 stamp duty purchase outlay, plus its 8.25 per cent mortgage rate.

Laing and Simmons agent D’Leanne Lewis handled both sales.

The property, which has views of the Harbour Bridge across the 1930s hospital dormitory building on the Strickland House estate, comes with a 1950s height covenant from a neighbouring Vaucluse Rd home.

Up the other end of Carrara, another non-waterfront sale has been done at $7.5 million, less than the $10.85 million sought on its initial 2018 listing. The house is set on 600 sqm above the Hermitage estate.

This article first appeared in the Sunday Telegraph.