Bellevue Hill home sells for a whopping $1.5 million above reserve at auction
A home in one of Sydney’s most exclusive inner-eastern pockets sold for $11.01 million under the hammer on Saturday, a whopping $1.5 million above the reserve, as the local prestige market continues to boom.
The two storey, four-bedroom home at 29 Kambala Road, Bellevue Hill, which has a pool and a half-basketball court, attracted six registered bidders.
Five of them bid on the impressive estate set on 836 square metres of land. A family from the local area edged out the others to snap it up.
Sydney Sotheby’s International Realty’s Michael Pallier said the vendors had continued to list their impressive family footholds in Sydney despite the economic impact of the coronavirus.
The prestige market had continued to perform strongly, he said, with more homes due to be listed for sale in the coming weeks. Mr Pallier said there were at least five auctions scheduled for December 19 and more in mid-January.
The Bellevue Hill home was one of the biggest recorded sales at the weekend, only surpassed by the $16.66 million auction of a five-bedroom home in Vaucluse.
“It was very popular because it’s such a good house and it’s on a level block of land – we had more than 100 groups inspect the property before the auction,” Mr Pallier said.
The impressive auctions were two of 728 scheduled at the weekend. Sydney’s preliminary clearance rate was 75.1 per cent after 546 results were reported by Saturday night.
There were 86 properties withdrawn from auction, and were counted as not sold as part of the clearance rate.
Bellevue Hill was not the only multimillion-dollar sale involving Mr Pallier at the weekend.
He also sold a four-bedroom home in harbourside Rose Bay. The home at 25 Strickland Street sold under the hammer for $5.05 million – just above the $5 million reserve – after four bidders registered for the sale.
A young family were the buyers, Mr Pallier said.
“It last sold five years ago for $3.7 million,” Mr Pallier said. “So, it’s gained a lot of value since then.”
In Sydney’s inner west, two properties at Summer Hill were also popular with family buyers.
An historic, five-bedroom Victorian Gothic-style home at 85 Prospect Road sold for $3,925,000 under the hammer to a family from a neighbouring suburb.
Selling agent Hudson McHugh’s Peter Vassilis said the home had a long history in the area, and was one of the first built in Summer Hill.
The vendors, who had owned the property since 2008, were thrilled with the sale, reportedly one of the largest for that style of home in the area. They are now looking to downsize.
“The rear access lane, pool and lock up garages and the Victorian features inside all made the home so popular,” Mr Vassilis said.
In contrast, a home that needed “truckloads” of work at 33 Henson Street, Summer Hill, sold under the hammer for $1,675,000.
The two-bedroom terrace had seven registered bidders, five of them actively competing for the keys.
Rich & Oliva agent Marco Erichello said all bidders had families and either had a building background or knew builders who could take on the job to restore and renovate the home.
“The buyer had builder contacts and had experience working on his own property,” Mr Erichello said.
That buyer had earlier missed out on snapping up the adjoining terrace, 35 Henson Street, which sold for $1,535,000 in late October.
Also in the inner west, Taronga Zoo director Simon Duffy and husband Wally Murphy, head of service operations at Westpac, sold their Rozelle home for $2.5 million after it passed in at auction.
The four-bedroom home at 3 Hutcheson Street attracted four bidders register The buyers were a family from nearby Annandale.
Belle Property Balmain principal Monique Dower said the couple had owned the property for 10 years, but were looking to take on a new project.
Mr Duffy said the property once belonged to Australian actor Jack Thompson’s son in the 1990s.
“We were told by our neighbours that Jack Thompson’s son, Patrick, bought it in 1993,” he said. “Apparently, he held the best parties.”
Mr Duffy said the home, and those who had owned it, had seen a lot of change over the years in Sydney.
“It sits up high overlooking the city and is about to see another dramatic change for the better, with the transformation of the disused rail yards into a new green space that can be enjoyed by the community,” he said.
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