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Key points
- A deceased estate in Vaucluse drew strong interest from international buyers.
- A Narraweena house sold for about $2.5 million.
Property listings
A three-bedroom knockdown home in Vaucluse has sold for $7.4 million after more than a dozen buyers turned out to compete for the clifftop address.
More than 100 people gathered for the auction of 3 Marne St, a deceased estate with sweeping ocean views, that went under the hammer on Sunday.
The original-condition house described as a “once-in-a-lifetime opportunity” received about 3000 enquires over the course of the five-week campaign, and significant international interest from as far away as India, China and France.
Thirteen buyers registered to bid on the 567-square-metre block, many of whom had never set foot inside the house, as they all intended to rebuild on the block.
Bidding opened at $5 million and climbed in $100,000 jumps up to $6.7 million, then stalled, before a vendor bid of $7 million was made. Biding soon resumed, and the result surpassed the $7.1 million reserve price by $300,000. Eight of the buyers made offers before the fall of the hammer, three of whom were from China.
The Vaucluse home drew 13 buyers. Credit: Domain
The buyer was from Mosman and had arrived late to the auction, holding up proceedings. She did not enter the contest until $7.1 million, and had only inspected the property for the first time on Thursday for her young family.
The property had not been advertised with a price guide, but selling agent Aaron del Monte from LJ Hooker Double Bay Group said expectations had been in the late $6 million to early $7 million price range.
“I truly do believe the auction worked a treat. There’s no way we would have gotten to that level without the auction campaign.”
The property had drawn interest from both owner occupiers and developers, he said, and builders quoted at least an additional $5 million to $7 million to knock down the house and rebuild a grander home on the site.
Del Monte said it was a rare opportunity as there are less than 50 clifftop locations between Vaucluse and Rose Bay.
“There’s a whole hype at the moment around cliff fronts. To have those spectacular views and to never be built out.”
Vaucluse’s median house price sits $8,725,000, having almost doubled over the past five years, on Domain data.
It was one of 600 homes scheduled to go under the hammer in Sydney on the weekend. By Saturday evening, Domain Group recorded a preliminary auction clearance rate of 77.2 per cent from 412 reported results, while 61 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
In Sydney’s northern beaches, 14 people registered to bid on a four-bedroom, two-level family home at 21 Greenwood Road, Narraweena.
Bidding opened at $1.9 million and four parties actively bid, making 40 offers. Bidding climbed in $20,000 increment to $2.3 million, then dropped to smaller increases. Three young families stayed bidding until the last moment.
The two-storey brick home sold for $2,502,000 to ecstatic buyers, a young family from Chatswood who had been looking for 12 months. The reserve was $2,175,000.
Selling agent Mario Esposito from McGrath Collaroy said Narraweena was an “up and coming” suburb.
“In the last four or five years, there’s been lots of stories about it and how it’s being discovered and how good it is,” he said.
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