Apartment in iconic Elizabeth Bay building, Meudon, sells for $2.15 million

Looking out over Sydney harbour from the sunroom of the Elizabeth Bay apartment, you’d be forgiven for thinking it was the 1970s.

Very little had changed, including the original interior of the dated two-bedroom apartment in the landmark building, Meudon.

But when the auction of the unit kicked off on Saturday with an opening offer of $1.9 million, the crowd was firmly brought back into 2018.

Four groups vied for the keys to 14/13 Onslow Avenue, on the market for the first time in 60 years.

It only took four bids before it sold on reserve for $2.15 million – a cool $1,205,000 above the suburb’s median unit price.

Designed by architects Crane & Scott and inspired by New York’s iconic Flatiron building, with its curved facade, the interior of this rundown home remained almost completely in its original condition with high ceilings, polished wood floors and gas kitchen.

It was its very rare offering of unfettered views and its history that worked in this property’s favour, despite a cooling market, according to Ray White auctioneer Paul Menck.

“Yes, a year and half ago this would have been going crazy but even the fact that you’ve got that potential, and the magnificent views in an iconic building, brought the buyers out today that haven’t been to a lot of other properties,” Mr Menck said.

“There’s only so many apartments with a view like this.”

Units in this building are tightly held with sales few and far between but in the last year two other apartments in this building have gone to market, according to selling agent Tristan Bassey of Ray White Elizabeth Bay.

He said the apartment directly above 14/13 Onslow Avenue sold off-market for $2.5 million in far superior condition.

“It’s very rare to see them come up in that building in this condition as a completely blank canvas. It’s also rare to see apartments of that size in Elizabeth Bay with a blank canvas,” he said.

The buyers, who wanted to remain anonymous, have had their eye on the building for the last few years and were planning to ‘transition’ from living in the city. They intend to renovate the unit completely and move in.

Margaret Schnitzler sold the apartment on behalf of her great aunt, who has moved into a nursing home.

She has fond memories of the apartment and said the views had remained virtually unchanged.

“We used to come here in the early ’60s for children’s parties. The property hasn’t changed very much at all,” she said. “They reconfigured the bedroom out the back, that’s the only change they’ve made. Everything else is original.

“Looking out here, it’s pretty much identical. It could be 50 years ago.”

She believed her great aunt purchased the home for about 30,000 pounds in the late ’50s or early ’60s.

It was one of 495 auctions across Sydney on Saturday. By evening, Domain Group had recorded a clearance rate of 55 per cent from 267 reported results.

Meanwhile, 60 kilometres south-west of Sydney’s CBD a Mirvac-built project home in Gledswood Hills sold for $125,000 above reserve.

Bidding began at $760,000 for the three-bedroom home designed by award-winning architect Madeleine Blanchfield.

Five of six registered bidders were active, pushing the price up by increments of $25,000, $10,000 and $5000 before the hammer fell at $950,000.

A doctor who works at neighbouring Nepean and Liverpool hospital nabbed the keys.

The house was born of a design competition to build a modern family home that was sustainable, liveable and most importantly affordable.

Stuart Penklis, head of residential at Mirvac, said the project garnered huge interest with about 500 people going through the house during the campaign and the sale ultimately confirmed its popularity.

“The result we achieved today is testament to great design and high quality,” Mr Penklis said.

“This house is obviously a higher-end home but the learnings that have come out of this house will influence the design and flexibility of all homes at different price points.”

The suburb’s median house price is $850,000.

Elsewhere in Sydney

8/242 Albany Rd, Petersham Photo: Supplied

SOLD $810,000
Petersham
8/242 Albany Road
2 bedrooms, 1 bathroom, 1 car spaces

An opening bid of $700,000 kicked off the auction, with four registered groups vying for the keys to this red double-brick apartment in Sydney’s inner west. The price went up in increments of $10,000 until it hit $780,000 where it became a tennis match of smaller bids between an investor and first-home buyer, according to selling agent Simone Azzi of Belle Property Annandale. The hammer fell at $810,000, selling to the first-home buyer for $50,000 above reserve. Ms Azzi said the aggressive bidding “certainly put on a good show for those who came to watch and it was good for the neighbours to see some confidence back in the market”. The sale beat the suburb’s median unit price of $780,000. It last sold for $687,500 in 2014.

See more at domain.com.au/2014419569

130 Paddington Street, Paddington Photo: Supplied

PASSED IN $4.9 million
Paddington
130 Paddington Street
4 bedrooms, 3 bathrooms, 2 car spaces

While there were two registered bidders, both downsizers, for this multi-level terrace in Sydney’s eastern suburbs it passed in with a vendor bid of $4.9 million. Selling agent Ben Collier of The Agency Bondi Beach said it was not uncommon. “We had another one pass in last week and it sold afterwards in negotiations,” he said. “This could be a similar scenario.” The buyers guide for the 189-square-metre property was between $4.9 million to $5 million. It last sold for $4.9 million in May last year. 

See more at domain.com.au/2014422934

1 Rose Rd, Birchgrove Photo: supplied

PASSED IN $2.35 million
Birchgrove 
1 Rose Rd
2 bedrooms, 2 bathrooms, 1 car space

Despite strong interest in this house, with more than 70 groups inspecting, it failed to sell under the hammer. It passed in on a vendor’s bid at the reserve price of $2.35 million. All three registered bidders were immediately in negotiations, making offers afterwards, according to selling agent Peter Gordon of Cobden & Hayson. He said buyers were “a little bit paralysed” and not prepared to show their cards at auction.  “People are genuinely nervous, there’s a lack of confidence to bid and to bid competitively,” Mr Gordon said. He added that there were more interested buyers but with tighter lending requirements, many didn’t get their finances approved in time.  The suburb’s median house price is $2 million.

See more at domain.com.au/2014421205