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The six-bedroom, six-bathroom home covers No.44 Deliwang Road 35 km from Sydney, it features fireplaces in multiple living rooms and a swimming pool.
Three buyers registered and bid, all from large families in the Hills area, but halfway through the auction a fourth buyer joined the fray and insisted the auctioneer not bring the hammer down until he registered.
Bidding opened with a $6.5 million guide, with bids ranging from $50,000 to $1,000 until the price soared past the $6.7 million reserve to $6,861,000.
Guardian Realty Castle Hill selling agent Aaron Godfrey said the buyer bought the property to help his adult children expand their family.
Godfrey said the grand exterior, beautiful grounds and location close to local private schools were the main draws of the country estate.
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Auctioneer Stu Benson said the land, close to the city, was of high value compared to other parts of Sydney.
“When you look at similarly priced properties in other parts of Sydney, there are still standard-sized blocks on the upper north shore with nice homes on them that are selling for the same price,” he said.
Records show the land last sold for $3.75 million in 2016.
The seller plans to downsize to somewhere closer to the city.
In Elizabeth Bay, a small studio of 33 square meters 23/7 Greenknowe Avenue The property, which has been used as a warehouse for the past two decades, is for sale for $425,000.
The property had a price guide of $400,000 and the vendor adjusted the reserve price to $440,000 on the day to meet market demand.
Two families with teenage children signed up to bid on the property, both of whom wanted to use it as a versatile urban sanctuary for their family or as an investment property while their children went to college.
Bidding started at $400,000, with buyers bidding in increments of $5,000 and $2,000 during the auction.
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Renee Cross of Ray White said her agency had arranged to clear out the former storage space before the auction.
“You couldn’t open the door. It was filled with stuff, from floor to ceiling,” Cross said.
“We moved everything out of there because no one had lived there for years. We replaced the toilet, painted the walls and ripped out the very old carpet.”
Cross said it is a well-maintained building with clean common areas and plenty of light.
The buyer was from Dubbo and the sellers were three executors of the estate.
PRD chief economist Dr Diaswati Mardiasmo said Sydney’s 62.8 per cent clearance rate was low.
“For Sydney, anything below 65 per cent is pretty low,” she said.
Mr Madiasmo said buyers were becoming more selective and the average number of days homes were on the market was increasing.
“We’re seeing some auctions being pushed back two to three weeks … that’s really increasing,” she said.
“The cash rate has been stable for some time now and there’s no sign that it’s going to go down or up any time soon … so in terms of urgency it’s not there at the moment.”
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