Why young couple paid $820,000 more than what their dream home was expected to sell for at auction
Why a young couple was willing to pay $820,000 more to be the winning bidders on this $5.32 million five-bedroom brick home
- Couple paid $820,000 more for their dream home because of ‘good feng shui’
- The five-bedroom house in East Killara was sold at auction on Saturday for $5.32 million
- Previous owners built their home with feng shui principles of balance and harmony
A Chinese couple coughed up an extra $820,000 to secure their dream home because it had “good feng shui.”
The five-bedroom house in East Killara, on Sydney’s north coast, sold for $5.32 million on Saturday, well above the $4.5 million price guideline.
The auction attracted more than 60 people to watch as 12 registered bidders compete for the ‘sprawling double brick home’.
A Chinese couple has credited ‘good Feng Shui’ for why they cough up another $820,000 to secure their dream home (pictured, the house in East Killara)
The five-bedroom property on Sydney’s north coast sold for $5.32 million on Saturday, well above the $4.5 million price guide (pictured, the master bedroom)
Auctioneer Clarence White started bidding at $4.2 million before moving up in $20,000 increments until it came down to just two buyers.
After just 35 minutes, the young couple WeiWei Chu and Yueqin Zhai secured the property, which features a swimming pool, on-site spa and spacious entertainment areas.
However, it was the “good feng shui” that eventually resonated with Chinese bidders and saw the house sell for $820,000 above the price guide.
Location was also a selling point, with the property within easy reach of prestigious secondary schools, Killara train station, local shops and golf courses.
Feng Shui is the Chinese practice of creating balance and harmony in a space to optimize energy flow and enable its inhabitants to live peacefully.
Feng Shui is the Chinese practice of creating balance and harmony in a space to optimize the flow of energy and enable its inhabitants to live peacefully (photo, the living room)
This harmony is achieved by bringing and balancing five naturally occurring elements in the property – water, fire, metal, wood and earth.
The previous owners adopted this old practice when designing the home after purchasing the 1,012 sq. ft. lot for $801,000 in 2000.
The auctioneer who sold the house said the result was “a statement about this house, not the market.”
“It was a very nicely decorated house,” Mr. White told the… Daily Telegram†
“It’s also in East Killara, which is the prestigious end.”
The Springdale Road residence has ‘manicured lawns, beautifully sculpted gardens and a sparkling in-ground swimming pool’ according to the listing (shown, exterior of house)
The Springdale Road residence boasts “manicured lawns, beautifully sculpted gardens and a sparkling in-ground swimming pool,” according to the listing.
“Located on a 1,012 sqm blue ribbon block with generously scaled interiors designed to accommodate growing and multi-generational households, the property’s remarkably solid construction exceeds expectations,” it read.
Sales agent William Chan from Marshall. Chan. jahl. North Shores said its proximity to local shops, schools and transportation also attracted buyers.
“The house was pretty much the perfect family home for a lot of people, with flat land, views of the forest at the back and solid construction,” he said.
He said that in the higher north coast, houses were still being bought by buyers with help from family wealth without a home loan.