A rustic cottage on Yallingup Hill — an estate developed by late entrepreneur Alan Bond — has set a price record in the beachside town, smashing the $5 million barrier.
Space Real Estate’s Justin Davies said the cost per square metre of land on the Wardanup Crescent property was on par with those on Marine Parade in Cottesloe.
The three-bedroom cottage was previously owned by a Cottesloe family, who bought the 850sqm block in August 1968.
Landgate title records show the Cottesloe family bought three adjacent lots to create the 850sqm lot nearly 55 years ago.
While lot prices at the estate started at $3500 in the late 1960s, the premium lots are believed to have sold for double that amount, taking the family’s total expenditure to about $20,000.
The family built a modest three-bedroom cedar log cabin on the property in 1975.
The recent $5m sale relied primarily on land value, which means it earned the family a tidy profit about 25,000 per cent higher than the amount they paid in 1968.
Mr Bond developed the estate in the late 1960s, often spending Friday evenings at the nearby Caves pub to mingle with darts players and sell the blocks to locals.
At the time, the area was popular with the surfing community.
The price to rent a cottage at the estate was about $300 a year, minus the Christmas holiday.
Mr Davies said the property drew interested buyers from the moment photos were taken for the listing.
“When we photographed the property with a drone, a local resident walked over asking if the property was coming to the market as her son-in-law would be interested in buying,” he said.
“From there we organised a pre-launch viewing and word spread.
“Before long we had over 10 groups wanting to view the property. As soon as the home went online, we were swamped with inquiries, but unfortunately for all of those people, it had been snapped up within 24 hours of viewing.”
His co-agent on the deal Paul Manners said interest in the South West was strong.
“This really is a breathtaking part of the world. While the home itself is very modest, the location and views are unrivalled,” he said.
“This sales record is proof of the growing interest in the Yallingup and South West market. There are many local, interstate and overseas buyers that are determined to get a foothold into this amazing part of the world.”
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