A recent spate of sales in the area has highlighted the increased demand for new-build luxury duplexes, some of which have sold at auction for well above their reserve prices.
At the weekend's auction, the six-bedroom property at 169 North Eastwood Road sold to a large local family for $100,000 above the reserve price.
The newly constructed, double concrete slab building sits on a 448 square meter lot.
During the listing period, the property was inspected 140 times and 420 people walked through its doors.
Listed through Andy Lin and Kris Yu of Uniland and auctioned through Jerome Smith, the auction featured six registered bidders and a total of 15 bidders competing for the duplex.
It ultimately sold for $3.1 million, a result Mr. Lin called a "game changer."
"I believe this game-changing Eastwood duplex's new suburban record shines a light on the Eastwood real estate market, despite 11 rate increases in the last 12 months.
"This particular property is a new state-of-the-art duplex that is ideal for those looking for the ultimate dream home or rental for upsizers and investors."
The sale of 26 Neil Street in Epping comes just one week after Mr. Lin sold the property for $419,888 above the reserve price.
The first sale in 47 years, the five-bedroom property was built in the 1920s and modernized in the 1980s with polished wood floors and brick feature walls.
The owners of the Epping property love France and have incorporated French aesthetics including imported square porch tiles, garden artwork and French doors to the garden and patio.
More than 500 people inspected the home, and there were 18 registered bidders and 34 bids throughout the auction process.
It ultimately sold to a large local family for $3,519,000, one of the highest suburban results in Epping in two years.
"One of the biggest drivers of sales in the area has been demand from overseas markets. New immigrants are arriving, looking for properties of a size and location they can't find in the city.
"Duplexes offer a lot of potential for buyers looking for more affordable alternatives to housing. New duplexes like the Eastwood property are starting to be built around the Epping, Eastwood and Dundas catchment areas to replace some of the older homes. Rather than having one large house in a 400 square meter block, duplexes can provide two reasonably sized homes for families to live in the area."
The homes also include catchment areas for local schools, including Epping West Public School, Cheltenham Girls and Carlingford high school.
According to the latest Proptrack House Price Index, national house prices continued to stabilize in April, rising 0.14 percent after rising for the fourth consecutive month.
The cumulative increase for 2023 now stands at 0.75%. Strong immigration, a tight rental market and limited supply are offsetting the impact of rapid interest rate increases.
