Vaucluse mansion doubles in price in three years: bought for $17m sold for $35m

The Vaucluse mansion bought by mechanic Steve Davidson and his wife Carmen for $17 million three years ago has sold just days after it hit the market for more than $35 million.

The Michael Suttor-designed residence more than doubled in value during their ownership, thanks in large part to soaring high-end values this year and aided by recent cosmetic upgrades.

Details on the sale remain shrouded in secrecy, given no comment by The Agency’s Steven Chen. But the residence was listed earlier this week with a guide of more than $35 million and is expected to settle for more than that amount.

Domain data shows median house prices in Vaucluse rose 16.7 per cent in the 12 months to October, and 52.7 per cent over the past five years, to $6.3 million. However, a lack of stock in the trophy-home market has seen values soar in the $20 million-plus range.

Earlier this week, another Vaucluse residence sold in less than seven days with a big jump in value. The three-level house on Vaucluse Road was listed for $19 million and sources say it sold for close to $25 million.

The Davidsons purchased the statement home on 2000 square metres from tech entrepreneur Gary Cohen and his wife Suzanne, who had commissioned the residence after purchasing it in 1994 for $1.67 million, when it was the local police station.

The six-bedroom residence has seven bathrooms, formal and informal living areas, a billiard room, a media room, garaging for 11 cars, a separate studio apartment, as well as new airconditioning and hot water systems, and a resurfaced tennis court.

The Davidsons are no strangers to high-end renovations. The couple previously owned the Macquarie Lighthouse’s Keepers Cottage, which they sold in 2016 for $7.5 million to wealthy Chinese aviation executive Song Jianmin.