“Exceeding the guide price by $4 million! Sydney luxury mansion sold for $15.58 million—Sydney auction clearance rate reaches 74%”

Week’s Key Focus

According to reports from the Australian news group, a three-bedroom residence in Bellevue Hill, Sydney, was successfully auctioned off this Saturday afternoon, surpassing the guide price by a staggering $4 million.

Reliable sources have confirmed that the buyer is Adrian Fonseca, a director of Oxanda Education and Deputy Chairman of the AFL team GWS Giants. Fonseca plans to construct a grand estate spanning 18,000 square meters. Oxanda recently divested 12 out of 30 childcare centers located in New South Wales, Victoria, and Queensland. The property, situated at 6A Ginahgulla Rd, has been owned by Anne Angles, the late philanthropist Emery Angles’ wife, since the early 1970s. The auction was managed by Michael Dunn of Richardson & Wrench Double Bay.

The vintage three-bedroom house from the 1970s fetched a remarkable $15.58 million, significantly surpassing the initial guide price set by Dunn of $10 to $11 million. As investor interest intensified, the guide price was adjusted to between $10.5 and $11.5 million.

The substantial price tag is attributed to its iconic harbor views, encompassing landmarks such as the Sydney Harbour Bridge, the Opera House, North Sydney, Clark Island, Bradleys Head, and extending northward to Manly. It is situated adjacent to the Gothic-style mansion Rona. Rona was acquired by Jacqui and Richard Scheinberg for $60 million and was sold in 2018 for twice the record price of Bellevue Hill.

From an Instagram video posted by auctioneer Damien Cooley, it’s evident that Jacqui was highly satisfied with the auction outcome.

During today’s live auction event, Jacqui was seen standing beside the successful bidder and buyer’s agent Simon Cohen. Initially, speculation arose that the Scheinberg couple might be the buyers, but insiders quickly dismissed this possibility. Cohen mentioned that he cannot discuss his clients due to confidentiality agreements.

When asked if this result bodes well for the upcoming spring market, Cohen stated that pricing premium properties is challenging, but those with iconic views or special appeal tend to perform exceptionally. While such outcomes are not widespread, buyers are drawn to properties of this nature. A significant portion of today’s buyers were local. It’s apparent that more properties will enter the market, with savvy buyers knowing what to look for. Both listed and unsold properties from auctions present opportunities.

Auction Results This Week

Sydney: 736 properties were up for auction, with 440 results reported, 325 properties sold, achieving a clearance rate of 74%. The total auction value amounted to AUD 364,008,288, with a median property price of AUD 1,420,000.
Melbourne: 887 properties were auctioned, with 604 results reported, 399 properties sold, resulting in a clearance rate of 66%. The total auction value reached AUD 331,909,088, and the median property price stood at AUD 980,000.