Mansion on Sydney’s ritzy upper North Shore sells above $10 million as auction numbers rise nationwide

An extravagant, newly-built mansion, dripping with crystal chandeliers and glass pendants, has sold under the hammer for $10.88 million, as the number of auctions held across the nation’s capital cities rose 5.5 per cent.

The two-storey, light-filled luxury residence, connected by a lift and a statement staircase and set on 1300 sqm, was one of 1995 auctions held in capital cities last week. On Sunday, CoreLogic reported a preliminary auction clearance rate of 70.7 per cent from 1471 recorded results. 2

More than 150 groups inspected the five-bedroom, five-bathroom home at 15a Lennox Street, Gordon throughout the sales campaign and 28 potential buyers registered to bid on the glamorous home, which also boasts a pool, spa and a separate poolside cabana with sauna.

Listing agent Coco Cui Roskam from Ray White Upper North Shore said the property was popular among families seeking a spacious and stately contemporary home in a highly sought-after location.

Come Saturday, just five bidders got the opportunity to raise their hands.

“We had two bids to $8 million, then one bidder jumped straight to $9 million. Then two bidders fought it out to $10.88 million. It was a really amazing auction.” she said.

“The sale broke a record for a new-build without a tennis court on the upper North Shore.”

Ms Cui Roskan said it is the second time the vendor, who designed and built the home, has held the record for a home without a tennis court on the upper north shore.

The buyers were a family who live in nearby Killara and were searching for a newly built home to live in.

Auctions on the rise

The spectacular home was one of 738 properties that went to auction across Sydney last week, up from 645 the previous week, according to CoreLogic. This time a year ago, 818 homes went under the hammer across the city.

On Sunday, CoreLogic recorded a preliminary auction clearance rate for Sydney of 74.6 per cent from 562 reported results, compared to 68 per cent the previous week, which fell to 61.2 per cent, once finalised. This time a year ago the clearance rate was slightly lower at 70.3 per cent.

Renovators snap up old shop in Brunswick

In Brunswick, in Melbourne’s inner north, a former corner store, littered with graffiti and in need of a makeover sold for its reserve price of $935,000, immediately after it was passed in at auction on Saturday morning.

The auction at 325 Albion Street opened with a genuine bid of $850,000, with two bidders upping the price to $885,000 before the auction stalled.

Listing agent Peter Stephens from Nelson Alexander Brunswick said the highest bidders then negotiated to purchase the unique property for its reserve price.

“The buyers are a young couple who were looking for something they could renovate and turn into their own home,” he said.

“He works in construction and so they are planning to improve it for themselves,” he added.

The renovator’s delight was one of 837 properties that went to auction across Melbourne last week, down from 897 the previous week, according to CoreLogic. This time a year ago, 841 homes went to auction across the city.

Mr Stephens said despite being just weeks away from the peak spring selling period, stock levels in Melbourne’s inner north were “still pretty restricted.”

“We’re not seeing a lot of supply coming on for spring and I think if supply does pick up it will come later in the year.

“People are just feeling very cautious because of all the talk and pressure around interest rates. Vendors are needing social proof of results to have the confidence to go to market,” he said.

On Sunday, CoreLogic recorded a preliminary auction clearance rate for Melbourne of 67.4 per cent from 622 reported results, compared to 69.5 per cent the previous week, which fell to 62.3 per cent, once finalised.

Prestige home in Perth soars

In Perth, a stunning four-bedroom, three-bathroom home in the family-friendly suburb of Swanbourne sold for $250,000 above its reserve price, selling under the hammer for $3.25 million.

Three bidders vied for the keys to the multi-storey limestone home, complete with an outdoor swimming pool at 10 Garden Street, located just a short walk to Scotch College and the prestigious shopping precinct of Claremont Quarter.

The home is just a five-minute drive to Swanbourne Beach, nestled between Cottesloe and City Beach on Perth’s picturesque west coast.

Selling agent Vivien Yap from Ray White Dalkeith/Claremont said the home was popular with families hoping to secure a large, modern residence in one of Perth’s most sought-after suburbs and just 10 kilometres from the CBD.

“In the lead-up to the auction we had up to seven buyers showing real interest and on the day we had three active bidders,” she said.

The sale of the stunning Swanbourne home, which was built in 2006 on 547 sqm was one of 15 auctions in Perth last week, up from 11 the previous week, according to CoreLogic.

On Sunday, CoreLogic recorded a preliminary auction clearance rate for Perth of 54.5 per cent from 11 reported results.

‘Very competitive’ in Brisbane

In the riverside suburb of Morningside in Brisbane, a classic 3-bedroom Queenslander surrounded by palm trees sold at auction for $1.205 million.

Bidding for the light and breezy property at 33 Moolabar Street began at $700,000 with four bidders quickly pushing the price well above the $1 million mark, before bids started coming in $1000 increments.

Listing agent Harry Kiss from Ray White New Farm said the auction was a hot one.

“It was very competitive, the bidders were really going head to head and at one point it was going up in $1000 bids,” he said.

Mr Kiss said the property’s size and location meant it was popular among young professional couples, as well as downsizers and investors.

“It’s in a great location in a leafy street, close to public transport into the CBD, as well as great local cafes and the Gabba precinct,” he said.

The successful bidder was a local looking to downsize.

Mr Kiss said he was not surprised the auction was so competitive given the number of buyers vying for limited stock in the area.

“In the last quarter, across our six offices here in Brisbane, we sold the same amount of stock as we did last year but we’ve met 3000 more buyers, so we’re seeing a lot more buyers in the market and that is what’s holding prices up,” he said.

“We’re seeing multiple offers on most properties and some buyers are out there looking for 6 months and sometimes longer,” he said.

The home was one of 165 properties that went to auction across Brisbane last week, up from 144 the previous week, according to CoreLogic. This time a year ago, 153 homes went to auction across the city.

On Sunday, CoreLogic recorded a preliminary auction clearance rate for Brisbane of 62.8 per cent from 121 recorded results. This compares to 73.1 per cent, which dropped to 65.5 per cent once finalised.

Family home sells after 50 years

In the prestigious inner-city suburb of Kingswood in Adelaide, a charming four-bedroom bungalow, owned by the same family for almost 50 years, sold at auction for $1.82 million.

The home at 19 Kyre Avenue, with a sprawling backyard and swimming pool and located just five kilometres from the CBD, attracted three bidders hoping to call the expansive residence on one of Kingswood’s most coveted streets their own.

Selling agent Bonnie Whyte from Alexander Real Estate said the home’s location, surrounded by some of the city’s best schools, was a big drawcard.

“It’s been very popular with families,” Ms Whyte said.

Following Saturday morning’s auction, she said the long-time owners of the home were “very happy with the outcome”.

The competitive auction was one of 151 auctions in Adelaide last week, only slightly higher than the 150 auctions the previous week, according to CoreLogic. This time a year ago, 116 homes went to auction across the city.

On Sunday, CoreLogic recorded a preliminary auction clearance rate for Adelaide of 83.7 per cent from 92 collected results, compared to 88.9 per cent the previous week, which fell to 81.1 per cent once finalised. This time a year ago, clearance rates were significantly lower at 74.8 per cent.

Sandstone stunner sells $245k over reserve

And in the heart of Warrnambool, on the south-west coast of Victoria, a grand sandstone unrenovated period home soared $245,000 above its reserve, after four bidders pushed the final selling price to $1.145 million.

Bidding for the deceased estate at 133 Banyan Street began at $900,000 and it took 52 individual bids and over half an hour before the hammer finally dropped.

“It was a long, drawn out and very competitive auction,” listing agent Mark Dwyer from Ludeman Real Estate said.

Despite interest from several local families, Mr Dwyer said the grand home with manicured gardens was sold to out-of-towners.

“It was bought by a Melbourne couple who plan to relocate here,” he said.

Auctions to pick up

CoreLogic research director, Tim Lawless said he expects the flow of freshly advertised housing stock to pick up across the nation as spring approaches.

“The volume of auctions didn’t quite reach the 2,000 mark this week, with 1,995 homes taken under the hammer,” he said.

“This was the largest volume of auctions held in a week since the last week of June (2030) and up 5.5 per cent on last week’s volume of auctions.

“The outlook for auctions is for a step up in volume over the coming weeks. Around 2100 homes are scheduled to go under the hammer next week, rising to around 2300 the week after,” he said.

“More broadly, the count of new listings coming to market has been tracking slightly higher than a year ago, up 2 per cent nationally to be 11.3 per cent above the previous five-year average,” Mr Lawless said.

This article was originally published at view.com.au.