New house record set in Sydney’s east

A new benchmark has been reached in Sydney’s coveted Vaucluse with a record-busting sale.

A new benchmark has been reached in Sydney’s coveted Vaucluse with a record-busting sale.

A new benchmark has been reached in Sydney’s coveted Vaucluse with the sale of a brand new semi at 146a Old South Head Rd last week.

The recently completed four-bedroom, two-bathroom house opposite Christison Park near the corner of Village High Rd had been shopped around off-market by David Malouf of Highland Property Double Bay with a guide of $11m.

Although an $11m price tag is typical in Vaucluse, the previous record for a semi in the exclusive harbourside suburb was made last year when 4a Greycliffe Ave sold for about $1m less at $10m.

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146a Old South Head Rd, Vaucluse NSW

High end finishes.

According to records, an original 1920s bungalow on the 684sq m Old South Head Rd site was sold in late 2020 for $5.14m with DA approved plans for the semis included in the deal. The newly sold semi, which takes up half the block, has a large terrace with city and Harbour Bridge views

Malouf was also behind another head-turning result under the hammer with the recent $17.3m sale of 5a Vaucluse Rd, Vaucluse.

A hot property thanks to its position and vantage point overlooking the famous harbour, the unrenovated 1960s residence attracted six registered bidders to the auction where the first bid came in at $14.5m. After a quick succession of bids, the price sailed past the $15m benchmark price Malouf had been guiding throughout the sales campaign to see the hammer fall more than $2m above expectations.

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5A Vaucluse Rd, Vaucluse. NSW

Inside the home.

Plenty of light.

The result has bucked the trend currently being felt across prestige markets where the lead up to winter has seen a cooling down of market activity.

In the latest CoreLogic Home Value Index, research director Tim Lawless said upper quartile (properties in the top 25 per cent of sale prices) home values have generally shown the lowest rate of growth over the past year.

“After recording a higher rate of gain through the early months of the growth cycle, conditions have faded across the upper quartile as borrowing capacity reduced and affordability constraints deflected demand towards middle-and-lower-priced properties,” Mr Lawless said.

The Vaucluse Rd auction property, a previous Wentworth Courier House of the Week listing, is in original mid century condition and has multiple living spaces and three bedrooms wrapped around a pool and a north-facing sundeck with an additional courtyard and pond water feature.

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Prime position.

David Malouf has sold close to $30m worth of property over the past week despite a lacklustre top end.

Vendors, Nagi and Kate Mikhail who previously ran the World News newsagents in Darling Harbour, bought the home in 2013 for $3.6m and included approved plans by local architect Phillip Mathieson to modernise the house and capture better harbour views.

If the unique DA is undertaken it would create a grand family home measuring 502sq m of living space, a rare gem according to Malouf.

“Today it would require a 1000sq m block to achieve the same design under new FSR guidelines. Another great thing is this DA includes an additional level on the existing dwelling to take advantage of gun barrel views and its 20m frontage,” he told the Wentworth Courier prior to the sale.

Once complete, the new residence will capture a backdrop that includes the Sydney Harbour Bridge, Opera House and city skyline. The new four-bedroom design will have a sleek entertainer’s kitchen, multiple formal and informal entertaining areas, a luxury main bedroom suite with a private terrace and all bedrooms will have ensuites.

The future designer house will also have an infinity pool with sweeping harbour views, provisions for a wine cellar, airconditioning, elevator and a sophisticated security system.

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Originally published as New house record set in Sydney’s east