Sydney's clearance rates drop but Vaucluse mansion shows prestige boom with $25m sale

Hopes that a softening of the Sydney housing market may make its way up the price chain to see prices plateau in the prestige market were scuttled on the weekend, with the sale of a Vaucluse mansion for close to $25 million just a week after it hit the market with a $19 million guide.

As the number of properties for sale across Sydney has increased in the six weeks since lockdowns were eased, clearance rates have started to fall from an average of 80 per cent in mid-October.

The preliminary clearance rate was 71 per cent on Saturday, across 1075 properties that went to auction, according to Domain figures, making it one of the biggest property clearance days of the year.

However, the number of homes in the $20 million range – known to market watchers as trophy homes – has remained tight all year, prompting agents to speculate that the boom in top-end sales will continue well until Christmas.

D’Leanne Lewis and Jacob Hannon of Laing + Simmons Double Bay declined to reveal the exact sale price but had confirmed a $19 million guide when the property was listed a week ago.

Local sources say it sold far above that given the speed of the sale, with a local source putting the result at close to $25 million.

The sale is no doubt good news for the general manager of technology consultancy and recruitment company The Finite Group, Duncan Thomson and his wife, Verity.

The couple have owned it for nine years, after purchasing the grand three-level residence with a swimming pool and panoramic views to the Harbour Bridge in 2012 for $6.1 million.

It was previously owned and developed by Anne and Terry Coyne, the latter of whom was the project manager of Aussie Home Loan head honcho John Symond’s palatial waterfront home in Point Piper.