Dunny roll king pays ‘almost $40m’
The designer Vaucluse home of plastic surgeon Michael Miroshnik has been quietly for sale for about a year but finally a man who makes prestigious dunny rolls has paid $38 million.
A caveat on the title for 2 Fisher Ave shows Sunny Ngai, whose family makes Quilton toilet paper, did a deal on September 20.
One report has put the price paid for the three-level home designed by Kaintoch Design Studio at more than $35 million but another source believes it to be the higher figure.
"The buyer was royally stitched up," the source said. "So almost $40 million and it's not even a waterfront!"
CoreLogic records show the original four-bedroom, two-bathroom home on an 1100 sqm block was bought for $7.15 million in 2014 with a DA lodged a year later for new dwelling estimated to cost $262,797. The building cost evidently blew out way beyond that.
The selling agent, Jun Wu, of Pillinger, couldn't confirm the final price in the off-market negotiation when contacted this morning due to a confidentiality agreement.
Ray White TRG principal Gavin Rubinstein says sales activity in the prestige market has cranked up in recent weeks as buyers fight for the low level of properties on the market.
"It's like someone's turned on the lights," he said.
"If you're a seller, if you want to get your property sold in 2019 you need to get it onto the market as soon as possible."
There are plenty of eyes on the Vaucluse opportunities - even at a top level. The $55 million absolute waterfront of agribusinessman and investment banker Garrick Hawkins in prestigious Coolong Rd was t he most viewed property in Sydney's east on realestate.com.au recently.
But Mr Rubinstein said the heat isn't universal -while quality homes priced up to $3 million were selling quickly, some more expensive homes were taking longer.
Buyer's agent Simon Cohen, founder of the highly successful Cohen-Handler agency, had a big week recently snapping up 18 properties for clients.
The properties ranged from an apartment for $700,000 in Bondi through to a Vaucluse home costing $5.8 million.
"We're having to dig harder to find properties because there've been such low levels of stock," Mr Cohen said.
"But we're buying pre-market and offmarket, leaving no stone unturned."
Despite it being tough to find good deals for buyers due to high competition, some families are still nabbing bargains.
One of Cohen Handler agents, Leon Jacques, bought a Vaucluse home that had a $4.25 million price guide for $4 million at auction recently.
Mr Jacques said: "You can be lucky ... a few of the buyers dropped out on the day."
The same clients had gone to the auction of another Vaucluse home at 13 Nulla St a month earlier that sold for "$1 million more than anyone expected".
It had a price guide of $5 million and it sold for more than $6.7 million.
And it's just not Vaucluse. A Bellevue Hill home recently sold for $8.3 million - $1.3 million above its reserve.
It's likely it will be knocked down and a new home built on the large block to capitalise on views of the city skyline.
Originally published as Dunny roll king pays 'almost $40m'