Sydney auctions: Vaucluse house smashes Australian auction record, selling for $24.6 million

A Vaucluse house has sold for an eye-watering $24.6 million, smashing its reserve by $10.6 million and making it the most expensive house sold at auction in Australia.

The five bedroom house at 42 Vaucluse Road attracted 25 registered buyers, of which only 12 got a chance to bid.

Bidding opened at $13 million for the 1085-square-metre block, above the price guide of $11 million, and rising in strong $100,000 increments.

The hammer fell at $24.6 million, well above the $14 million reserve. 

SOLD - $24,600,000

42 Vaucluse Road, Vaucluse NSW 2030

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A young Australian Chinese couple – who had never bid at auction – walked away with the keys.

The unberbidders were a local Australian and a Chinese buyer.

Sydney Sotheby’s International Realty selling agent Michael Pallier said he was blown away by the result.

“We didn’t expect that price. It was an astounding auction,” Mr Pallier said. “It was very competitive, there were bids coming from all over the room.”

The property has broken Mr Pallier’s previous record of selling the most expensive house at auction to media scion Lachlan Murdoch in 2009 for $23 million.

The Vaucluse property, which boasts spectacular harbour views, a pool and a tennis court, was home to the late Japanese businessman Akihiko Terada.

His family were watching the auction via Zoom, audibly astounded by the rising sell-off.

The home last traded for $11.33 million in 2013.