The historic 'Velladaloro' property at 48 Coleman Street sold for $1.38 million in April newly released figures have confirmed, and now the home has been listed for rent.
The five-bedroom home dates back to 1936, and is listed as a building of significance by the NSW Australian Institute of Architects Chapter for its distinct Spanish mission style.
The Turvey Park home hit the market in March in the midst of historic hikes in house prices and increasing demand in the area, and sold within the month.
Last sold in September 2019 for $1.2 million, Domain data estimates the April sale fetched $1.38 million, netting the owners a 15 per cent profit on their purchase in under two years.
Fitzpatrick's Shaun Lowry who brokered the deal said the sale is indicative of the market at the moment, and the impressive sale price was good but not surprising.
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"It's attracted a lot of attention but the price increase is pretty relative to most of the properties transacting in Wagga at the moment," Mr Lowry said.
"It's got that heritage and significance, and it's very common what's happened with this one. It is happening all over town."
Now, the property has been listed for lease by The Professionals for a cool $750 per week.
The 85-year-old home was purchased by a Queensland-based family with ties to Wagga, in a transaction Mr Irvine characterised as a delayed 'tree change' rather than an investment buy.
The buyers reportedly didn't want to miss the opportunity to nab the classic home, and intend to lease it out until they are ready to move.
Listed for lease on May 18, Mr Irvine said the property has already attracted plenty of attention and predicts the expansive home will be off the market shortly.
"Seven days on, we've had six inspections with one application," Mr Irvine said.
The central-located property generated plenty of buzz when it first hit the market between it's classic art-deco architecture, sizable 2884 square metre block it sits on and long history in the city.
Built by Richard Jarick in 1936, features of the home include manicured gardens secured with a large privacy hedge, a balcony with city views and two sheds.
The sale details come on the back of another month of growth for Wagga with April sale prices up 7.9 per cent compared with April 2020.
At the same time, increasingly expensive properties and low vacancy rates have seen many lower-income renters squeezed out of the market, with some residents forced to leave Wagga and others pushed into homelessness.
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