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Records show the address last traded for $12.1 million in 2003, even though the house was rebuilt 12 years ago. Pricefinder records show the suburb’s second-highest sale price was 26 South Street, which sold for $12.1 million in October 2022.
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This was one of 686 auctions held in Sydney over the weekend.
As of Saturday night, Domain Group reported a preliminary clearance rate of 63 per cent from 408 auction results, with 98 auctions withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
A heritage home on a prestigious street in Centennial Park sold at auction on Saturday for $7.8 million after being uninhabited and falling into disrepair for at least five years.
Three buyers registered, two of whom bid 41 Robertson RoadThe vendors originally purchased the period home 62 years ago for £22,000 and raised their six children there.
Bidding opened at $7.5 million, followed by two more bids in $50,000 increments. The auction stalled, but the highest bidder raised his bid to $7.8 million to purchase the deceased’s estate.
Ray White’s Dean Jarman said the rare collection had an early guide of $8 million, which was later revised down. Jarman would not reveal the reserve price.
“This is a Walter Burley (Griffin) designed home,” he said, referring to Burley Griffin, who is famous for designing the city of Canberra.
Jarman added that an architect estimated that renovations could cost $3 million to $5 million to make the house comfortable while retaining its original design.
Mr Jarman said the buyers were a family from the Sutherland Shire who planned to make the property their forever home.
A one-bedroom student apartment in Ultimo Broadway 4070/185 The apartment was sold for $185,000, above the reserve of $160,000. It is located in the city centre, opposite Sydney University.
Nine people registered, five of whom bid for the unit, which was guided at $120,000 to $130,000. Two telephone bidders from regional NSW and Queensland took part in the auction.
Bidding started at $120,000 and $5,000, then moved up in $1,000 and $500 before it sold for $185,000. An investor from Marrickville bought the apartment.
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John Zheng of LJ Hooker said the unit was a unique and affordable opportunity.
The sale represents a $75,000 loss for the seller, who paid $260,000 in 2019, public records show.
PRD chief economist Dr Diaswati Mardiasmo said the 63 per cent clearance rate was low but stable.
Madiasmo said buyers in the mid-market are becoming less price sensitive.
“It’s actually a very interesting phenomenon because you would think that those in the middle price range … would want to get the best deal,” she said.
“For the luxury market, with higher incomes and a wider price range, they realise that if the cash rate were to increase their borrowing capacity would be more severely impacted than the mid-priced market,” she said.
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