Bank of America chief pockets $21m from Bellevue home sale
Joe Fayyad, the chief executive in Australia of Bank of America, and wife Fiona have sold pre-auction in Sydney’s Bellevue Hill for $21m.
Joe Fayyad, the chief executive in Australia of Bank of America, and wife Fiona have sold pre-auction in Sydney’s Bellevue Hill for $21m, with four parties seeking the keys to the five-bedroom, four-bathroom home.
The initial Ray White TRG guidance had been $13.8m for the Fairweather St offering, which sold on Friday night.
The home has just undergone an estimated $4m renovation overseen by architect Tony Freeman, with interiors by Cameron Kimber.
It has been sold to a family from Haymarket keen for proximity to schools.
The Fairweather St home, now set amid Pepo Botanic Design landscaping, had been bought for $9.26m in 2021 from William O’Dwyer, founder of collapsed property empire Ralan Group.
There have been 26 settled Bellevue Hill sales priced at $10m-plus over its stellar past year, with another six or so sales still to settle.
Bellevue Hill’s next pricey spring listing is expected to come from mechanic workshop heir Steve Davidson and wife Carmen, who bought the Espie Dods-designed home of film producer Antoinette “Popsy” Albert early last year for $28.5m and have decided to move on.
Busy auction time
The past week was the biggest for auctions across Australia since April last year, according to CoreLogic’s Tim Lawless.
After tracking 3383 capital city homes scheduled to go under the hammer last week, there was a 68.5 per cent preliminary clearance rate from the 2573 results supplied so far by agents.
It was the lowest preliminary clearance rate since early April.
“With the prospect of another rate hike looming on Melbourne Cup day, it’s probably fair to say confidence has taken a hit and some buyers have become more nervous about the housing market outlook,” Lawless said.
“Such a large number of auctions was always going to test the depth of buyer demand,” he added.
Adelaide at 85 per cent, where sale conditions remain strong, and Perth at 50 per cent, were the only capitals to see a rise in weekly clearance rates.
The 12 Perth results included the auction-eve sale by Ray White agent Vivien Yap of a three-level View St, Peppermint Grove offering. The home last sold in 2012 for $3.6m when bought by Jane Moffat, the co-owner of Cottesloe retail store Jordan Baker, which takes it name from a character in The Great Gatsby.
Moffat had architect Peter Moran redesign, refurbish and extend the house into a six-bedroom, five-bathroom family home. There were 5700 views of the property on realestate.com.au.
The number of auctions across the nation this week drops back to around 2100.
Mosman tops charts
Sydney’s top weekend auction listing result was at Mosman, when a five-bedroom house fetched $9,697,000. The Ryan Ave home listed through Pello Lower North Shore had last traded in 1966, when bought for $29,800 by Alemlube company founder Ian Williamson from wool buyer Charles Hart.
There was a $7.21m sale of a cottage on 900sq m of waterfront land at Chiswick listed for the first time in six decades.
The deceased estate Turner family home at 16a Chiswick St had come with $6m price guidance, but expectations were exceeded after four of the seven registered bidders were active. The home sold to a local developer. The preliminary clearance rate dropped in Sydney from 74.2 per cent to 70.8 per cent. Most of Sydney’s priciest 27 listings with $5m-plus hopes failed to sell, with just the five sale notifications along with six auction date postponements.
Canterbury demand
The top sale in Melbourne was when the five-bedroom, four-bathroom European-style home at 58 Alexandra Ave, Canterbury fetched $7.65m. There was bidding from four parties after its $6.7m opening bid.
It was announced on the market at $7.1m, having had $6.6m-$7.25m price guidance from Marshall White agents Daniel Bradd and Scarlett Hang. There were 8400 page views of the property on realestate.com.au.
At Malvern, the five-bedroom, three-bathroom home at 49 Claremont Ave with two-storey extension designed by Neil Architecture fetched $6.3m.
Called on the market at $5.7m, it fetched well above its $4.8m-$5.2m guidance from Jellis Craig.
An Armadale listing at 5 Elm Grove also easily exceeded its $3.9m-$4.29m guidance when it sold at $5.45m. There were three bidders at the Marshall White auction where it was announced on the market at $4.4m.
Bidding in South Yarra
A four-bedroom Victorian terrace on Domain St, South Yarra sold for $4,295,000, after bidding opened at $3.85m. It was announced at $4.07m with just two families competing for the home with a courtyard garden designed by Acre Landscapes.
Amy Fitzroy, the former director of start-up hedge fund Qato Capital, sold through Kay & Burton agent Nicole Gleeson in conjunction with Jellis Craig.
The preliminary clearance rate held firm in Melbourne at 68 per cent according to CoreLogic, despite 1700 auctions in a week of condensing a fortnight of auctions due to the upcoming spring racing carnival distraction. Buyers agent Mal James put the success rate at 76 per cent among 37 of Melbourne’s priciest offerings.
Carnival a lure
There was a carnival-like atmosphere with popcorn and fairy floss at a no reserve auction in Logan, south of Brisbane.
It set the Australian record with 161 registered bidders vying onsite and online for the derelict vandalised home at 19 Billabong Drive, Crestmead.
It fetched $494,700 to one of the 45 interstate registered bidders. The Parramatta buyer fought off a local bidder who lobbed a cheeky $1 opening bid.
It had last sold for $300,000 in 2016 when bought by a NSW investor from Engadine who had the home listed for rent at $335 a week in 2018.
“We had to be a bit creative to get the house out there,” its Ray White agent Avi Khan said.
Ray White auction data shows the previous highest registered bidders was 143 in Mansfield in Brisbane in 2022.
Boatshed push starts
The marketing of the Tideways Beach, Sorrento boatshed on the site of Victoria’s first European settlement has officially begun with its pricing put at $16.5m-$17.5m through Sotheby’s agent Rob Curtain. The boatshed sits on a 1313sq m block carved off the subdivision of the 1.2ha Sisters estate by the Shelmerdine family. Offers close on November 28
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