Edward Jewell-Tait’s agents at odds over Bellevue Hill penthouse value
Former Macquarie banker Edward Jewell-Tait is caught in a polite war of words between estate agents after selling his Bellevue Hill penthouse on its second marketing campaign.
Veteran former Macquarie and Credit Suisse banker Edward Jewell-Tait and his wife Jo have been caught in a polite war of words between conjunctional estate agents after they sold their Bellevue Hill penthouse on its second marketing campaign.
The contemporary Drumalbyn Road apartment was initially listed in April via Michael Pallier of Sotheby’s International with $9m hopes, which were adjusted to $7.95m by June.
Set atop the remodelled 1928 Spanish mission complex Palomar, it finally sold earlier this month for $7.2m, at $200,000 more than the adjusted guide, after just one inspection via Ray White Double Bay’s Warren Ginsberg in conjunction with Pallier.
“This one wasn’t priced right at the start,” Ginsberg told the local paper.
“These owners went and bought something in Perth based on that feedback.”
The Palomar penthouse had cost $5.8m in a 2019 off-the-plan purchase. Pallier told Wentworth Courier readers that defects in the building caught by the NSW Building Commission had spooked buyers.
The Jewell-Taits have recently settled on a $5.6m Cottesloe house sold through Tom Loh at Jamie Loh Real Estate. It was designed in 1988 by architectural firm the Donaldson + Warn.
Beachfront luxury
The nation’s top weekend result came on Friday afternoon when Harry Kakavas at Kollosche secured $11.6m for a Mermaid Beach duplex offering at a private auction. The Hedges Avenue beachfront was a tri-level luxury Bayden Goddard-designed space with a 577sq m floor plan.
The four-bedroom, four-bathroom offering with parking for three cars had last sold at $9m in 2006 when bought by the Perrin family from the Melbourne investor Tony Khoury.
Kakavas took 73 inquiries which garnered three registered bidders.
Sydney showstopper
Sydney’s top result was at Gordon on the upper north shore when $10.88m was paid for a new home with its two levels connected by a lift.
The highlight of the home was the formal lounge with a 6.5m ceiling, an Egyptian crystal pendant light and an Italian sintered stone feature wall.
Its marketing gave a $7m price guidance from Ray White agent Coco Cui Roskam.
Five of the 28 registered bidders competed with the sale described as a record for a new-build without a tennis court on the upper north shore.
It was constructed by Lianghai Chen’s Archouse on the 1300sq m Lennox Street block with a Spanish-tiled pool.
“It was a really amazing auction,” Cui Roskam said.
“We had 150 groups come through throughout the campaign and we issued 80 contracts.
“We had two bids to $8m, then one bidder jumped straight to $9m.
“Then two bidders fought it out to $10.88m,” Cui Roskam said.
The buyers are from Killara.
The building block cost $3.93m in late 2022 with Cordell Build saying the development application was costed at $1.1m.
Woollahra waiver
An adapted Victorian terrace in Woollahra was passed and with no offers auctioneer Damien Cooley placed a $9.2m vendor bid.
The John Street property had been listed after a change in family circumstances following its exchange in February at $9.25m through The Agency.
Set on 190sq m, the terrace is aNeeson Murcutt transformed residence which won numerous awards in 2018.
Strathfield strong
Strathfield remained an engine room on the Sydney auction front with Michael Murphy from McGrath conducting a 90 minute auction of the recently completed 42 Barker Road, which fetched $7.66m, against its $7m guide.
There was a $6.8m opening bid with three active bidders for the five-bedroom, five-bathroom house with eight-car basement garage. It came with a cigar and wine-tasting room, and sold to a local family that is upsizing.
The local whisper is a $16m-plus private treaty record has been set in the suburb, beating a recent $12.25m auction result.
Hawthorn flies high
Melbourne’s highest notified result was a close-run thing, with a $3.85m Camberwell sale pipped by a $3,851,000 sale in Hawthorn.
The Mason Street, Hawthorn sales agent, Rene Mawad, had six registered bidders, with three active, having given a $2.8m to $3m guide.
The spruced-up home on 921sq m last sold in 1978 for $65,000.
The 20 Sunnyside Avenue, Camberwell house had been listed with $3.1m to $3.4m guidance by Steve Dardamanis at Noel Jones. It was the first time it hit the public market since 1929.
Its intact period features include bay windows, lead glasswork and a fireplace.
Meanwhile, a Balwyn mansion attracted a $4m opening bid but the sale price was not reported.
An Elwood house, listed with $2.95m to $3.15m expectations by the downsizing buyers advocate, Frank Valentic, who often appears on The Block, failed to sell.
The Edwardian-era Addison Street house now has a $3.25m asking price through Chisholm and Gamon agent Sam Gamon. It cost $2,956,000 in 2020.
In the clear
CoreLogic research director Tim Lawless said Melbourne’s preliminary clearance rate slipped to 67 per cent, and has been sitting below the 70 per cent mark for four of the past five weeks.
The national preliminary clearance rate sat at 70 per cent across the combined capitals, buoyed by Sydney’s 74 per cent.
Adelaide continued to lead with 83 per cent selling under the hammer.
Brisbane recorded a 62 per cent success, with its top price being $5,901,000 when 15 buyers registered for a riverfront New Farm listing.
Ray White agent Matt Lancashire took bids from 10 of them after the $4m opening bid.
“It’s entry level into the riverfront,” Lancashire said of the Brunswick Street property.
The downsizing Doneley family had paid $1,062,500 in 2000.
The 1995 national tally taken to auction last week was up 5.5 per cent on the prior week’s volume.
Toorak triumph
PropTrack economist Anne Flaherty says auction levels will rise to 2650 homes this week and stay at that level in the last week of winter.
They include the August 31 auction of a 1975 Guilford Bell-designed Toorak house.
It has a $4.4m to $4.8m price guidance through Mike Beardsley at Jellis Craig Boroondara.
With Bell’s signature concealment, symmetry, order and restrained minimalism, it was designed as a one-bedroom house on its 843sq m Kooyong Road site for Dr Gladys Hallows, who graduated in 1932 with a Bachelor of Medicine and Surgery from the University of Melbourne.
The U-shaped offering, which has attracted 12,000 realestate.com.au page views, sold after her death in 1986 for $450,000. It then fetched $1,025,000 in 1987 and last sold in 1996 for $810,000.
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