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In numbers
- $8.25 million – Sale price for Pyrmont penthouse
- $5,205,000 – Sale price for Wahroonga home with oversized pool
- 81 per cent – Sydney’s preliminary auction clearance rate
Property listings
A three-bedroom harbourfront penthouse in Pyrmont sold for $8.25 million at auction on Saturday.
The luxurious residence at 4/56 Pirrama Road includes a rooftop terrace ideal for New Year’s Eve fireworks, soaring ceilings and a spacious mezzanine level. The design meant a separate working space could be carved out upstairs with room downstairs for family and entertainment.
Three people registered to bid, and two made offers on the property guided at $8 million. Bidding opened officially at $7.4 million after an attempted $6.5 million opening bid was knocked back.
Bids rose in $50,000 increments until $7.9 million, when the underbidder ceased bidding.
After lengthy negotiations the buyer made a final offer of $8.25 million, against the $8.5 million reserve.
The buyer was an upsizing local from the construction industry in Pyrmont. The vendor had held the property since 2008 as a high-end $2000 a week rental.
It was one of 509 homes scheduled to go under the hammer in Sydney on the weekend. By evening, Domain Group recorded a preliminary auction clearance rate of 81 per cent from 306 reported results, while 24 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
Selling agent James Crow from Morton Pyrmont said the mezzanine level was a major drawcard for the buyer.
“[It] allows him to accommodate his family, entertain, and also have his own space,” he said.
Crow said real estate on Sydney Wharf is hard to come by.
“They’re tightly held, opportunities are limited. So the demand’s usually there, and they’ve pretty much done nothing but appreciate since 2013.
“When you’re dealing at the higher end of the market, you’re dealing with people [who have] accumulated wealth, and they’re making a lifestyle decision. $3.5 million and up – interest rates aren’t exactly changing their lives.”
The waterfront last traded for $3,626,000 in 2008.
Elsewhere, a five-bedroom home with a large 12.5m swimming pool sold for $5,205,000 in Wahroonga. Two parties registered and actively bid on the private estate located at the end of a long gated driveway at 18A Daly Avenue.
Bidding opened at $4.5 million. The auction took an hour to reach the sale price in varying increments of $25,000, $50,000 and $10,000. The agent declined to share the reserve.
The winning bidder was upsizing from out of the area. The vendor will seachange to the northern beaches.
Selling agent Nick Muzha from McGrath Wahroonga said the pool used to be a community pool for the first subdivision there for 12 homes and in the 1980s was granted to this property by the council.
The property last traded for $1,970,000 in 2013, records show.
In Strathfield a three-bedroom knockdown with a DA approved three storey luxury design sold for $3.36 million. A crowd of 150 people gathered at 39 Augusta Street and watched the 10-minute auction play out.
Nine people registered to bid and four participated. Bidding opened at $2.9 million with $50,000 bids, then soared above the $3 million guide and slowed once it hit the $3.3 million reserve. Three $10,000 bids were then placed to reach the winning bid of $3.36 million.
The buyer was a builder needing a house to live in while he built in nearby Concord. Once his project is over he plans to develop the DA-approved design.
Selling agent Michael Murphy from McGrath Strathfield said the market in Strathfield is fairly stable due to low stock.
“There’s probably higher buyer demand than there is supply at the moment. A great premium property is still selling very well within the Strathfield area,” he said.
In Roseville owner of online farmer’s market Minifarms Australia Kathy Widjaja and husband Iker Zabarte sold their five bedroom renovated Victorian house at 12 Clermiston Avenue for $5.25 million. The reserve was undisclosed however the property was guided at $4.9 million. It sold through James Bennett from Belle Property Lane Cove.
Elsewhere in Haberfield nobody showed up to the auction of a two-bedroom house at 5A Walker Avenue much to the agent’s surprise. Three people attended after and two were in negotiations post auction.
Selling agent Steve Vella from Professionals Five Dock said he expects the property to sell soon.
“The owner was hoping to achieve $2.2 million on the day. So we’ve put it on the market at $2.2 million. The buyer is already at $2.1 million,” he said.
Ray White’s chief economist Nerida Conisbee said Domain’s 81 per cent clearance rate shows the latest interest rate rise did not affect results.
“What we’re seeing in the market since the start of the year is a lot of strength. Despite the rising cost of finance, the same things have been driving it since the start of the year: very strong population growth and shortage of housing.”
Consibee said luxury listings have shown the greatest bounce back.
“When we have a look at price growth, by location, we can definitely see that the top end of all the premium suburbs of Sydney are doing the best in terms of pricing pickup. They did have the biggest falls last year as well.”
AMP Capital chief economist Dr Shane Oliver said Sydney’s weekend clearance rate of 81 per cent was “amazingly strong” considering ongoing rate hikes.
“But it looks more like a reflection of weak listings as sales volumes remain low,” he said.
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