Bellevue Hill put on sale for $7.7 million

The much-acclaimed Bellevue Hill property is up for grabs for $7.7 million. In the latest mid-week auction, it has fetched its highest sales price for the last eight months. An article by Jonathan Chancellor informs that the property has traded twice in its 21-year existence.  In March 2003, it was sold for $3.95 million. Eight years hence in March 2011, it was sold for $5.71 million. In a short span of two years from then (Coincidentally once more in March), it is up for sale again at a $2 million hike over its last sale price. It is worth noting that the deal could be closed for $6.4 million in 2010 but the Australian law was not too keen on foreign investors back then.

This has changed a lot today and in fact, those with $5 million of property investments in Australia are gaining access to its shores pretty quickly (is that not a complete U-turn in government policy). This six bedroom- six bathroom Victoria road property has a seven meter high ceiling apart from a double-height stained glass window and a stairwell. In recent memory, the sale price is only topped by the Copernoll Residence at Kambala Road, which sold for $9.8 million in May 2012. Things then are beginning to hot up for the Prestige Market in Australia.