Three neighbours who have owned their homes for 40 years combine to sell their homes together – and they’ve made $1.8million EACH
- Three neighbours have combined to sell three their homes as one property
- Owners pocked $1.8million each after selling amalgamated site to developer
- Figure is $500,000 more than median house price in Miranda, in Sydney’s south
Three neighbours have united in a bid to each sell their homes in a suburban cul-de-sac – and the idea has seen them earn nearly $2million each.
The trio of vendors, who have all owned their respective properties in Miranda, in Sydney’s south, for more than four decades, joined forces recently for the amalgamated 2,390sqm site at 15, 16 and 18 Adina Street.
Despite not revealing the final sale, Newton Real Estate’s David Newton confirmed the final price went ‘substantially’ above the $5.3million price guide and that each of the three home owners would receive about $1.8million each.
Three neighbours have united in a bid to each sell their homes in a suburban cul-de-sac – and the ingenuitive idea has seen them earn nearly $2million each
One of the properties in Miranda where the owners combined for a big pay day
The homowners have netted themselves an extra 30 per cent through the combination of their properties rather than selling separately, experts say.
The per-home figure is a whopping $500,000 more than the current median house price in Miranda, which is a 15-minute drive to nearby Cronulla Beach in the heart of the Sutherland Shire region.
‘At the moment we are finding seller’s homes are worth more as a development site instead of a house if they can get their neighbours involved,’ Mr Newton told realestate.com.
He said there were at least 10 serious buyers for the property, with the final bidding war between four. The final price is believed to be close to $6million.
‘It was very hard to select the buyer — it not only came down to dollars and cents, but also the terms of the contract,’ Mr Newtown said.
‘The sellers also liked how the buyer had done a number of other sites in the area.’
The combined land size in Miranda on Adina Street could see the building of over a dozen townhouses on the current site.
The trio of vendors were all looking to downsize, and following the clever proposal of the agents, the owners are now poised to enjoy a substantial financial windfall.
According to a recent report from Domain, the median house price in Sydney last December was $1.21million, with units typically selling for a little over $730,000.
This property in Miranda (pictured above) could fetch the owners a huge windfall if sold in a proposed package deal with two other neighbouring houses
18 Adina St in Miranda (pictured above) will soon be on the market in Sydney’s south
The proposed amalgamated site at 15, 16 and 18 Adina St in Miranda (pictured and circled above) in Sydney’s south