Five-metre wide Manly home sells for $10.5m, $4.5m over reserve price
The beachside house sold for millions over its reserve, achieving the eye-watering price despite the heat coming out of the housing market.
A Sydney home has sold for an eye-watering $10.5 million despite being just five metres wide.
The sale of the beachside home also smashed through the auction reserve climbing $4.5 million above what the owners were happy to take.
The three-bedroom home, which is based in one of Sydney’s most popular beachside suburbs in Manly, saw three bidders competing to win the property.
Despite the home’s smaller dimensions, it boasted “breathtaking panorama” views over the harbour, Little Manly beach and city skyline, the real estate ad said.
“Watch the ferry’s and cruise ships float by as well as occasional city fireworks,” it said.
“The sunsets are breathtaking and waves lapping the beach serenade by night.”
The house included open floor entertaining, a glass atrium, gas fireplace and floor to ceiling glass frames to enjoy the views.
It also featured a 273-bottle wine rack, auto triple lock up garage with space for gym or beach-craft storage, tallowwood flooring and ducted heating.
“Nicely elevated and recessed so that it is private from the street, it is nestled at the base of Manly’s exclusive Eastern Hill within footsteps of picturesque Little Manly Beach and harbourside parkland with Manly’s cosmopolitan lifestyle hub only a short breath away,” said the ad.
The house went to auction on Saturday with a $6 million reserve where five people registered to bid – with the winner placing a whopping $100,000 final bid to score the place. It was purchased by a local looking to upgrade from an apartment.
The owners had lived in their Manly home for 15 years, purchasing it back in November 2005 for $2.2 million, but were downsizing.
Selling agent Mark Skeens from Stone Real Estate Manly said the property stood out due to its location.
“In general, the market’s come off in the last 10 months, but the top end of Manly is still doing really, really well,” he told Domain.
The sale was well above the median house price in Manly, which sits at $4 million, according to REA, based on 43 sales in the past 12 months — a decrease in house prices of 12 per cent.
Australia’s property market has experienced a slight upturn amid skyrocketing interest rates and continuous price falls over the past 12 months, according to the PropTrack Home Price Index released earlier this month.
It found Sydney house prices had crept up by 0.36 per cent in February but were still down by 6.64 per cent annually.
It’s not the only house to post an extraordinary price above the guide at auction on the weekend.
Buyers were left stunned by frantic scenes at a Sydney auction this weekend, when the opening bid on a four-bedroom home in St Peters was a staggering $400,000 higher than the price guide.
The four-storey property with a rooftop terrace, opposite Sydney Park, went to market with a price guide of $1.9 million but eventually sold for $2.88 million.
Last week, billionaire Gretel Packer also raised eyebrows when she splashed out $9 million on a penthouse with an absolutely hideous bathroom in the plush Sydney suburb of Potts Point.
The penthouse featured a bathroom with ugly green colour scheme, with the tiles covering the entire floor and most of the walls, even the bathtub.
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