Sydney property: what it takes to break a record in the new market
It takes a special property to break records in the current market, but it’s happening: a Rose Bay penthouse has sold for a suburb record; a Vaucluse house went for a street record and a unit fetched the highest price ever in the block.
Last Thursday night, the four-bedroom, two-bathroom penthouse at 6/7-9 Conway Ave, Rose Bay, sold for $8,860,000 — the highest price ever paid for an apartment in the suburb according to CoreLogic.
“It offered a lot in one package — a well-maintained near-new boutique block of six; internal lift access into the unit, a great location with gun-barrel views,” said Ray White Double Bay’s Gavin Rubinstein.
“And a triple garage and 200sqm-plus terrace.”
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As he points out, the number of good penthouses for downsizers with that view is rare — the young bidder at the auction looked to be buying it for his parents.
But he says there’s even bigger demand among eastern suburbs families for large homes on level blocks and pools in the $5m to $6.5m range, hence seven bidders lining up for 12 Cambridge Ave, Vaucluse, which sold for $6,225,000 — a whopping $725,000 above reserve — on the same auction night.
Also rare is the number of large modern homes with an iconic view in Vaucluse, hence the home of businessman Alexander Ma selling for more than $30m — a street record and the highest price paid for a property so far this year — last Friday.
The seven-bedroom, eight-bathroom home at 20A Vaucluse Rd would have been the most expensive home ever sold under the hammer in Australia had it sold for that amount at Monday’s scheduled auction.
It would have been a nice accolade, but BadgerFox agents Peter Leipnik and Alexander George chose not to risk it — sealing the deal pre-auction on Friday night.
“In a changing market, securing a good deal for your vendor is what’s most important,” Mr Leipnik said.
They’d had interest from Dubai, China and also the eastern suburbs. The buyer plans to use it as a family home, spending time in both Australia and offshore.
Buyers at that level don’t need to convince a bank to give them a loan, yet even cheaper properties that offer something special are breaking records.
The two-bedroom apartment at 2/2B Queens Park Rd, Queens Park, didn’t have a car space but it did have a front garden.
On Saturday, McGrath agent Angus Gorrie had five register — four of whom competed — with an investor from Randwick paying $1,282,500.
The result was $82,500 above reserve and the highest sale ever in the block. “Good properties are still selling well,” he said.