A Chinese couple paid an extra $820,000 for their dream home because it had ‘good feng shui.’
The five-bedroom house in East Killara, on Sydney’s upper north shore, sold for $5.32 million on Saturday, far exceeding its $4.5 million price range.
More than 60 individuals attended the auction, where 12 registered bidders competed for the ‘expansive double-brick residence.’
Clarence White, the auctioneer, began the bidding at $4.2 million and worked his way up in $20,000 increments until it came down to only two buyers.
Young couple WeiWei Chu and Yueqin Zhai secured the property, which features a pool, a spa bath, and huge gathering facilities, in just 35 minutes.
However, it was the home’s ‘good feng shui’ that drew Chinese buyers and saw it sell for $820,000 more than the price guide.
The property’s proximity to prestigious high schools, Killara train station, local businesses, and golf courses was also a selling point.
Feng Shui is a Chinese art of balancing and harmonizing a space in order to optimize energy flow and allow its occupants to live in peace.
This balance is achieved by introducing five naturally occurring elements to the property – water, fire, metal, wood, and earth – and bringing and balancing them.
After purchasing the 1,012sqm land for $801,000 in 2000, the previous owners used this historical practice when developing the mansion.
The result, according to the auctioneer who sold the home, was “a statement about this home, not about the market.”
‘It was a really nicely appointed home,’ Mr White told the Daily Telegraph.
‘It’s in East Killara too, which is the prestigious end.’
According to the description, the Springdale Road home has ‘manicured lawns, beautifully sculpted gardens, and a sparkling in-ground pool.’
‘Set on a blue ribbon level block of 1,012sqm with generously-scaled interiors built to accommodate growing and multi-generational households,’ it said.
Marshall’s selling agent is William Chan. Yahl. Chan. According to North Shores, the accessibility to neighborhood stores, schools, and transportation also drew buyers.
‘With level land, a bush view out the back, and solid construction, the home was pretty much the perfect family home for a lot of people,’ he added.
He stated that buyers aided by family money continued to purchase homes on the upper north shore without a home loan.