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5 Grandview St, Naremburn sold for $5.625,000 at auction.
The small lower north shore suburb of Naremburn, with fewer than 6000 residents, 2800 properties and no schools, has seen its residential real estate record broken twice in as many months.
In early March a four-bedroom house in Central St on 748 sqm of land notched up a new suburb record of $5.451m.
Then this month a large home on 900sqm of land sold under the hammer for $5.625m to a local family upsizing.
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The home had been extended and renovated more than 20 years ago.
It boasts huge interiors.
Cranleigh at 5 Grandview St had a $5m auction guide but only one registered bidder.
Agent David Benjafield, of Belle Property Mosman, negotiated the sale with the sole bidder and the deal was completed under auction conditions.
He added that there had been good interest in the house with its five bedrooms and separate apartment and there was a lot of strength in the Naremburn market.
“It is a quiet leafy suburb close to the city,” he said.
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The kitchen is impressive.
Room for 1000 wine bottles in the cellar.
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One of the brakes on house prices in Naremburn is the size of the blocks, he added. Some cottages are on just 200sqm of land and the average block size is around 400sqm.
“It is hard to achieve more than $5m on those smaller blocks,” he said.
PropTrack data shows only seven houses in Naremburn have sold for more than $5m and the median house price is $3.04m, up 8.2 per cent in 12 months.
Vendor Gabrielle Rashleigh had extended and renovated Cranleigh more than 20 years ago and carved out a 1000 bottle wine cellar from sandstone under the house. Gabrielle co-founded Young & Rashleigh Wine Merchants in 1992 supplying premium wine in NSW especially to the restaurant trade and it grew into one of the biggest wine wholesalers in the State.