Sydney Seaview House Sells for $13.55 Million, More Than Doubles in Value in 8 Years! – Sydney Auction Clearance Rate Reaches 75%

Week’s Key Focus

On the 19th of August, as reported by The Sydney Morning Herald, a seaside house situated in Tamarama, Sydney, was snatched up for a staggering $13.55 million. What’s really catching the eye is that this price has more than doubled in just under 10 years.

This four-bedroom residential property sits at 12 Thompson St, with an initial price guide ranging from $12.5 million to $13 million.

The auction pulled in about 30 onlookers, with 3 buyers registered to throw their hats in the ring, all hailing from the same local area and with aspirations to broaden their footprint there.

The auction kicked off with an opening bid of $12.5 million. However, the fierce bidding rivalry between the two buyers promptly drove the price up beyond the initial amount. Even though the representative from Agency Eastern Suburbs, Ben Collier, was tight-lipped about the reserve price, transaction records reveal the final sale price hit $13.55 million. In a previous transaction back in 2015, the property had changed hands for a mere $3,605,000.

This sale price lines up with comparable sales, underscoring the fervent nature of the auction. The Tamarama area continues to be in high demand. Last Saturday, Sydney hosted a total of 702 auctions, and the Tamarama auction was one of them, taking the lead among this week’s property auctions.

Auction Results This Week

Sydney: 729 properties took part in auctions, with 432 results reported, 324 properties sold, achieving a clearance rate of 75%. The total auction value amounted to AUD 363,540,176, with a median property price of AUD 1,500,000.
Melbourne: 737 properties were auctioned, with 537 results reported, 369 properties sold, resulting in a clearance rate of 69%. The total auction value reached AUD 301,749,350, with a median property price of AUD 960,000.