Reid $5m sale raises the bar for Inner North house prices

A newly built heritage-style home in Reid has smashed the Inner North region’s property record by about $500,000, selling to a local family for an undisclosed sum north of $5 million.

The sprawling 1476-square-metre estate at 36 Elimatta Street was snapped up on March 24 following a highly competitive campaign by Josh Morrissey of Hive Property, which generated five times the agency’s average buyer interest.

After three serious offers, the sale price sets a new house record for the suburb.

“When you mix a good builder with a good architect, and the right amenity in the right spot – and when there’s such a restriction of stock – that takes care of the price,” Morrissey said. “We’ve broken numerous records across multiple suburbs with similar stock. The conditions that produce that price are always very similar.”

While Reid is renowned for its original 1920s homes and expansive blocks that often undergo modern extensions and renovations to meet contemporary needs, this substantial residence was built from the ground up in 2024. Designed to fit comfortably into the historic streetscape, the facade features ice-white render, iconic Canberra red bricks and a terracotta tiled roof.

The property was a collaborative effort, fusing the past and the present, between Thursday Architecture, award-winning builders Papas Projects, and interior design firm Studio Black.

“You’d really have to look twice to distinguish it from any of the original Reid homes from the 1920s,” Morrissey said.

Inside, the home delivers 395 square metres of light-filled, single-level living divided into two connected wings. One wing houses a family room, the primary suite and three bedrooms, while the second contains a study, a mudroom, and the central living hub.

Features include high ceilings, woodcut European Oak timber flooring, a gas fireplace, and Caesarstone benchtops. Bespoke luxury inclusions range from marble benchtops in the kitchen to a large custom dressing room and make-up station in the main suite.

Crucially, the property offers a rarity for the heritage suburb: a basement with a cellar, extensive storage, and garaging for six vehicles.

Morrissey said the rare opportunity to secure a newly built home with extensive amenities in an established area drove the fierce buyer competition.

“There’s a lot of hesitation for people to want to commit to a build at that level because of rising construction costs and the time involved to see a property like this into the market,” he said. 

“You never see a brand-new home like 36 Elimatta Street with that level of amenity, from the pool and basement to the proximity to the city. They just don’t come up so there’s always going to be a big demand.”

Morrissey believes the sale won’t necessarily reset prices in the suburb but instead add buyer confidence. 

“It’s not a sale that’s going to push prices up because across the marketplace there’s bigger economic factors that are restricting price, but it will add confidence … buyers will know there’s a new ceiling in the suburb,” he said.