Randwick terrace soars past auction price guide

A three-bedroom Randwick terrace sold at its July 20 auction for $1.84 million.

It was listed with a $1.7 million plus price guide and had six registered bidders on the day.

Martin Farah of N G Farah Realty says it was a great result, considering it’s a terrace and not a freestanding cottage.

Built in 2008, the architecturally designed residence is located in the Figtree Gardens complex at 16A Frances Street.

The property features two marble bathrooms, an internal courtyard and front and rear terraces.

It also includes a rooftop terrace with city skyline views.

It is currently leased for $1,350 a week, reflecting a rental yield of 3.82%.

Theo Karangis of N G Farah Realty says the developers held onto the property as an investment after construction finished.

The median apartment price in Randwick is $611,000, a 26.2% change in five years, according to RP Data.