Cate Blanchett has purchased a home in Sydney as an investment for her young children.
The Age reports the Hollywood actress has bought a waterfront apartment in Elizabeth Bay and is hoping to see strong returns on the real estate in the long-term.
It has been suggested Ms Blanchett and her husband - Sydney Theatre Company artistic director Andrew Upton – had originally planned to buy two adjoining two-bed and three-bed apartments but she had to settle for the smaller apartment for $1.92 million after part of the real estate deal fell through.
Both properties were bought at auction and buyer's agent Henry Wilkinson, of Homesearch Solutions, explained the bidding had been fierce.
"The agents were surprised by the result because they both sold for well over their asking price," Mr Wilkinson said.
He added: "The apartment needed work actually, and even though it has the better aspect to the north, there are a few privacy issues."
Ms Blanchett was born in Melbourne and her first major international role was in the award-winning movie Elizabeth I.
Posted by Steve Douglas.