Court Orders House Sale as Sydney Market Moving Too Fast
In a recent property settlement case, the wife sought to retain the former matrimonial home which was located in Sydney. The property had been valued for the first trial at $1.6 million. The trial did not proceed as scheduled and was re-listed a year later. An updated valuation was prepared, which then valued the property at $1.8 million.
The husband sought for the house to be sold at auction, saying that the property had increased in value since the second valuation, and would continue to rise rapidly.
The Judge found that the Court was unable to rely on the valuation provided by the expert given the volatile and rising market in Sydney, particularly the area in which the house was located. Therefore, the only way to achieve a just and equitable settlement in the fast moving Sydney market, was to list the property for auction.
The Order provided for the wife to be entitled to bid at auction and buy out the husband’s interest in the property. If she was successful, the Orders specified that she would not have to pay stamp duty on the transfer.