A home in Bathurst in NSW's Central West has set a new central business district property record after selling for $1.5 million, prior to auction.
The last record, claimed by a $1.24 million home in Bentinck Street, was only set in March of this year.
Both homes were sold by Raine and Horne Bathurst director Grant Maskill-Dowton, who specialises in selling high-end CBD properties.
The new record-holder, 125 Keppel Street, had been extensively and meticulously renovated, which was the main factor that saw the home achieve such an astounding price.
"This property here is an example of a phenomenal renovation, and also bringing a whole modern twist into a traditional facade basically," Mr Maskill-Dowton said. "And you can't get any closer to the CBD than here."
Another factor that led to the sale of this property was that two other CBD homes were up for sale with Raine and Horne at the same time.
Mr Maskill-Dowton was running the campaigns for properties at 12 Keppel Street and 219 William Street, both of which have now also sold for in excess of $1 million.
"I was very fortunate in that fact that I had three in-town properties going to auction at the same time and they could all help each other," he said.
"We were able to utilise those three properties to help each property sell.
"... Anyone that was looking for CBD properties was coming directly to us because we had the selection. And it's a rarity to have one, let alone three, on the market at the same time."
IN OTHER NEWS:
Undeniably, the high-demand market also played a role in the three CBD properties selling for above expectations before their auctions.
"The big thing with Bathurst to keep in mind is the market probably has half the amount of property for sale that it traditionally would have, therefore the pressure is constantly on all the time," Mr Maskill-Dowton said.
This is one of the reasons why he isn't convinced that the $1.5million record set by 125 Keppel Street will stand for a long time.
"Given that the records in town hovered around the $1.2 million mark, this is a big jump in a CBD price, but in saying that, records are set to be broken," he said.
Interestingly, two of the three properties were purchased by local buyers.edi
The record-breaking home was purchased by someone from outside of Bathurst.
"They did relocate, but they have family in the area," Mr Maskill-Dowton said.
"It was just the simplicity of being able to walk to town and having a nice, level, simple house that required no work."
Despite this, he said local buyers are the people driving the market at the moment, not metropolitan buyers.
"Although there seems to be a big push thinking that the Sydney market is driving our prices up, we're still seeing the most people that are spending the higher-end money are local Bathurst people," he said.
Those buyers are usually selling acreages and moving closer to the CBD.
With the demand for property the way it is at the moment, Mr Maskill-Dowton is encouraging more people to consider listing their homes.