'Shock' ignited over $9 million suburban auction deal

“Shock” swept over Sydney sellers after a $9.2 million suburban auction deal.

The sum is $1.2 million more than the reserve.

The property in Warrawee, about 17km from the heart of Sydney, sold under the hammer on the weekend for a sum that surprised the owners.

A family who already live in the area won the keys, which were handed over by vendors on the move to the inner city, by the water.

SOLD - $9,200,000

25 Bangalla Street, Warrawee NSW 2074

5

4

3

View property

Ray White agent Michael Dempsey told the agency’s auction report that the schools were a drawcard for the buyers, who were upsizing to something with more space.

“The appeal of this home was its proximity to schools, huge size, beautiful view over Gillespie Fields,” Dempsey, from Ray White Upper North Shore, said.

“The sellers, who have been there for 30 years, have decided to downsize to Barangaroo.

“They are still in shock with the result.”

Four bidders were in contention and 120 groups came through the property during the campaign.

The auction unfolded on the poolside terrace, with spectators lining grand balconies above. The mansion, Bryn Maw, was built in 1932 and carries all the classical hallmarks of that era.

Features included a decorative staircase in the entry foyer, French doors, curved feature windows, vast terraces for enjoying the verdant grounds, water fountain, home office, a gym and games room and spa in the main bedroom’s en suite.

Warrawee is on the city’s upper north shore and tightly held, with not enough Domain sales results to yield a median house price.

The clearance rate in Sydney ticked in at 64 per cent, Domain’s reported results show.