Former steel company boss John Lysaght sells Woollahra pad for $5.71 million

Former steel company boss John Lysaght has sold his Victorian house in Woollahra under the hammer for a whopping $5.71 million, setting a street record.

The five-bedroom house of the retired managing director of John Lysaght Australia, now BlueScope, at 12 Harkness Street attracted a strong crowd of 80 at the end of the tree-lined cul-de-sac.

It was one of 495 auctions scheduled in Sydney on Saturday.

Bidding for the 626-square-metre property, set over two titles, began at $3 million with eleven registered parties vying for the keys to the house.

The price rose in $100,000 increments up to $5.5 million thanks to strong bidding from eight buyers who threw their hats in the ring. It continued to rise from there in $25,000 bids up to $5.7 million.

The property sold under the hammer for $5.71 million after a final $10,000 winning bid was placed by architecture firm Bureau SRH director Simon Hanson.

The underbidders were interior designer Caroline Choker and architect Vince Alafaci of ACME & Co.

The two are known for their work designing some of Sydney’s most Instagrammable venues, including The Grounds of the City, Watsons Bay Hotel and Matteo Downtown. 

They were also at the helm for the recent fit-out of Justin Hemmes’ Merivale venue Coogee Pavilion, now known as Mimi’s and Will’s.

The property has two street frontages and sold comfortably above its reserve and price guide of $4.5 million.

Sydney Sotheby’s International Realty selling agent Michael Pallier said more than 300 people inspected the tightly held home.

He said the higher segment of the property market was showing no signs of slowing down, and low interest rates were fuelling demand.

“There is an emphasis on the home now [due to the coronavirus], their home is really their castle,” Mr Pallier said. “The focus has come back to having a really nice home.”

Mr Lysaght, who is in his nineties, bought the property 30 years ago when he retired from his company role.