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Actress invests in Sydney prope...

Actress invests in Sydney property

Hollywood actress invests in Australian real estate.

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.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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