Sydney’s crazy hot property market: ‘Almost $40 million and it’s not even a waterfront!’

The designer Vaucluse home of plastic surgeon Michael Miroshnik has quietly sold for $38 million to a man who makes prestigious dunny paper.

Plastic surgeon Michael Miroshnik has sold his Vaucluse home for $38 million. Picture: Stephen Cooper

The designer Vaucluse home of plastic surgeon Michael Miroshnik has been quietly for sale for about a year, but finally a man who makes prestigious dunny rolls has paid $38 million.

A caveat on the title for 2 Fisher Ave shows Sunny Ngai, whose family makes Quilton toilet paper, did a deal on September 20.

One report has put the price paid for the three-level home designed by Kaintoch Design Studio at more than $35 million but another source believes it to be the higher figure.

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Inside the Vaucluse home of Rodney Adler

This home at 2 Fisher Ave has sold for $38 million, sources say. Picture: Angelo Velardo

As some point out, “it’s not even a waterfront”.

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As one source pointed out, highlighting the craziness of the Sydney market: “So almost $40 million and it’s not even a waterfront!”

CoreLogic records show the original four-bedroom, two-bathroom home on an 1100 sqm block was bought for $7.15 million in 2014 with a DA lodged a year later for a new dwelling estimated to cost $262,797. The building cost evidently blew out way beyond that.

Jun Wu, of Pillinger, did not comment but is believed to be the selling agent.

There’s a real shortage of such trophy homes on the market this year so those that are available are attracting attention.

The $55 million absolute waterfront of agribusinessman and investment banker Garrick Hawkins in prestigious Coolong Rd — listed with Ken Jacobs and Darren Curtis of Christies — was the most viewed property in the east on realestate.com.au recently.

No. 21 Coolong Rd, Vaucluse, was the most viewed property in the eastern suburbs recently.

And at the prestige end, Ray White TRG (The Rubinstein Group) principal Gavin Rubinstein says sales activity has cranked up in recent weeks as buyers fight for the low level of properties on the market.

“It’s like someone’s turned on the lights,” he said.

“If you’re a seller, if you want to get your property sold in 2019 you need to get it onto the market as soon as possible.”

But Mr Rubinstein said the heat isn’t universal — while quality homes priced up to $3 million were selling quickly, some more expensive homes were taking longer.

Buyer’s agent Simon Cohen, founder of the highly successful Cohen-Handler agency, had a big week recently snapping up 18 properties for clients.

The properties ranged from an apartment for $700,000 in Bondi through to a Vaucluse home costing $5.8 million.

No. 13 Nulla St, Vaucluse, sold for more than $6.7 million. The guide had been $5 million.

“We’re having to dig harder to find properties because there’ve been such low levels of stock,” Mr Cohen said.

“But we’re buying pre-market and off-market, leaving no stone unturned.”

Despite it being tough to find good deals for buyers due to high competition, some families are still nabbing bargains.

One of Cohen Handler’s agents, Leon Jacques, bought a Vaucluse home that had a $4.25 million price guide for $4 million at auction recently.

No. 2 Kulgoa Rd, Bellevue Hill, sold $1.3 million above its reserve.

Mr Jacques said: “You can be lucky ... a few of the buyers dropped out on the day.”

The same clients had gone to the auction of another Vaucluse home at 13 Nulla St a month earlier that sold for “$1 million more than anyone expected”.

It had a price guide of $5 million and it sold for more than $6.7 million.

And it’s just not Vaucluse. A Bellevue Hill home recently sold for $8.3 million — $1.3 million above its reserve.

It’s likely it will be knocked down and a new home built on the large block to capitalise on views of the city skyline.

Originally published as Sydney’s crazy hot property market: ‘Almost $40 million and it’s not even a waterfront!’