$1 million over reserve
Buyers go to battle for a dated apartment on Australia’s most expensive street.
The auction of a Point Piper apartment stunned onlookers on Saturday, when it sold for $1 million over its reserve price.
The three-bedroom apartment at 9/45 Wolseley Road sold for $4.1 million.
It was one of 853 auctions scheduled to go under the hammer in Sydney on Saturday. Domain had collected 657 results by Saturday evening and put the clearance rate at 87.4 per cent, up on last week’s 84.2 per cent.
This unit at 9/45 Wolseley Road sold for $4.1 million on Saturday – $1 million over reserve.
Despite its position on Australia’s most expensive street, sales agent Stephen McMorrow of McGrath Edgecliff was stumped by the result.
“Last year, [an apartment on] level five sold for $2.95 million, and this one also has a lot of work to be done on it to make it modern,” he said.
“It just goes to show, you can’t put a price on a view like this.”
Bidding for the three-bedroom apartment was rapid-fire. Photo: Christopher Pearce
Five of the 10 registered bidders were active on the day, with rapid-fire bids of $50,000.
The winning bidder was a local buyer who declined to discuss his plans for the home.
The whole-floor residence has panoramic views over the harbour, with the city skyline, bridge and opera house in full view.
An agent said the apartment needs a lot of work to be done on it to make it modern.
Throughout the campaign, interest was solely from owner-occupiers, including parties from Brisbane, Melbourne, Sydney and Singapore.
Auctioneer Scott Kennedy Green said the area is tightly-held and attributed the high level of interest to the blue ribbon address.
“Top quality real estate like this won’t decrease in value, and it is going to attract the kind of competitive bidding we saw today.”
The home last traded in 1968, after it was bought off the plan for $93,750 by Veronica and Arthur Laundy, the founder of the Laundy Hotel Group. “Aussie” John Symond’s $50 million compound is within shouting distance.
Long-time neighbour Vivien Jackson was at the auction to gauge what her home might be worth.
“I wanted to see what this went for today, because with prices at the moment, it could be anything.”
According to Domain Group figures, the median price of Point Piper units has grown 21.3 per cent in the past six months to $1,657,500.
Domain Group economist Dr Andrew Wilson said the Point Piper median was volatile due to the low number of sales.
“Point Piper is an iconic suburb, recognised for ultra-prestige, there is not a lot of turnover, not just because of stratospheric prices, but it is geographically a small suburb,” he said.
“That market was down since the GFC, but volumes have picked up recently, and homes will always find a buyer there.”
In the past year there have been eight house sales in Point Piper at $28 million or more.