Home loans: Exclusive Sydney property sells for $23m

An exclusive Sydney residence sold at auction for $23 million this week, which may inspire people to take out a home loan to buy their perfect property.

The former French consulate building saw bids from actors Russell Crowe and Nicole Kidman, according to the Australian.

However, they were beaten by Lachlan Murdoch – son of media tycoon Rupert Murdoch – for the Victoria Road mansion, which has panoramic views of Sydney harbour and the Pacific Ocean.

Named Le Manoir, the property has six bedrooms, a tennis court, swimming pool, a three-car garage, large kitchen and five bathrooms, in addition to two studies.

According to reports, the sale, which saw bidding begin at $18 million, is the biggest auction result in Australian history.

Michael Pallier, agent for Raine and Horne, told the Daily Telegraph: "It would definitely be one of the most magnificent homes in Sydney."

People looking to compare home loans for a cheaper property, may be interested to learn that they may be able to grab a bargain in the suburbs.

A report in the Australian Property Investor magazine pointed out a number of cheap suburban areas, including Victoria’s Portland area.

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