One-time ASIC target belonging to One.Tel founder sells

A property which the Australian Securities and Investments Commission once tried to seize after the One.Tel crash, has sold for $27m after 18 months on the market.

2 Queens Avenue, Vaucluse has sold after 18 months on the market.

It took 18 months, but the Vaucluse abode of telco founder Jodee Rich and his corporate lawyer wife, Maxine Brenner, has finally been sold.

The dress circle Queens Avenue home, which the Australian Securities and Investments Commission (ASIC) once tried to seize after the One.Tel crash, fetched about $27m.

It had initially come with a $30m price guide, but failed to find its buyer when listed through Ray White agent Elliott Placks and co-agent Michael Finger of McGrath.

The five-bedroom, three-bathroom house sold recently through Michael Pallier at Sotheby’s International and there were whispers it was actually bought in-house by one of his star estate agents.

The 575sq m property last traded when bought from bookmaker Mark Read for $1.95m in 1990.

Their home, designed by the late architect Ian McKay, sits above the Hermitage Walk with views across the Sydney Harbour to the city skyline.

The couple almost lost it when ASIC sought compensation orders for the benefit of One.Tel creditors after funds had been transferred by Rich to his wife two days after One.Tel was placed into administration in 2001.

The couple is currently renting at Bondi Beach.

PropTrack puts the median time on market at 50 days after 79 Vaucluse sales in the past year.

Unverified highest price

Sydney had the nation’s top auction result when an unconfirmed $16.1m was paid in Mosman. There was, however, no official advisory on the sale price of the knockdown home at 13 Stanley Avenue.

13 Stanley Avenue, Mosman’s value is in its land and location.

The three-bedroom hillside home on 743sq m was sold by the family of milk bar proprietor George Psaltis and wife Hariclea whopaid $31,000 in 1967.

“This generationally held home offers a complete blank canvas upon a sprawling 743sq m block,” listing agent Adrian Bridges said.

“It occupies arguably Balmoral Slopes’ finest position with uninterrupted views sweeping beyond North Head.”

There were 2677 page views on realestate.com.au.

Stanley Avenue holds Mosman’s highest registered record sale with the $33m paid in 2022 for a five-bedroom house on a 1250sq m block, although there has been a pricier delayed settlement sale on Bradleys Head Road.

Auction numbers up but clearance low

A total 1122 auctions were held in Sydney last week, which was the highest volume since late September.

The preliminary auction clearance rate fell to 65.5 per cent, continuing an easing trend that was evident since the 76.6 per cent high in mid-February, according to Tim Lawless from CoreLogic – which has announced it was undergoing a global rebrand, changing its name to Cotality.

The week’s preliminary auction clearance rate was Sydney’s lowest since mid-December.

The priciest weekend listing at Bronte was passed in on a $20m vendor bid.

The Williams family Hewlett Street offering, with the contemporary four bedroom, four bathroom house on 227sq m, having come with $15m guidance from conjunctional agents Ben Collier and James Ball.

With 2905 auctions held nationally over the past week, it was the busiest week since last October.

The preliminary auction clearance rate slipped to 66.1 per cent, the lowest outcome since early February.

“Buyer demand doesn’t seem to be keeping up with the rise in auction activity,” Lawless said.

Black Rock Melbourne’s top result

Melbourne’s top advised price was $3.9m for Shenval, the 1890s four-bedroom house at 47 Bayview Crescent, Black Rock which was sold by Marc Stafford at Buxton Sandringham.

The 1565sq m estate, once known as Mona, had been given a $3.8m to $4.1m guidance.

It has only had three previous owners.

47 Bayview Crescent, Black Rock has changed hands for only the fourth time.

There was no price advisory on the top outcome in Melbourne, the four-bedroom, two-bathroom house sale at 49 Hawthorn Grove, Hawthorn.

It had been listed with a price guidance of $7m to $7.7m, and sold at an undisclosed price above $7m.

The 1197sq m property with single level Federation residence featured 4.8m (16 foot) ceilings, leadlight windows, ornate fireplaces and pressed metal ceiling.

Melbourne hosted 1382 auctions, which Tim Lawless noted was the second highest volume of auctions so far this year.

“After holding above 70 per cent over the past six weeks, Melbourne’s preliminary clearance rate dropped to 67.2 per cent,” he said.

The previous week’s 70.6 per cent preliminary rate was revised down to 64.5 per cent on final numbers.

Five bidders for Maroochydore apartment

Queensland’s top advised sale was at Maroochydore when $5.1m was paid for a sub-penthouse through Ray White agent Niall Molloy.

Set on The Esplanade with water and mountain views, the Essence Cotton Tree apartment sold to local downsizers who were among the five registered bidders.

The sixth floor apartment last sold 2021 for $2.7m.

Brisbane hosted 173 homes going to auction, the third highest week of auctions so far this year. Some 59.5 per cent of auctions have recorded a successful result including the five bedroom, three bathroom house at 46 Angliss St, Wilston that fetched $3.55m.

Two of the three registered bidders competed for the keys for Rosedale, the restored 1920s home.

The property for $1.8m two years ago.

“These owners did a cosmetic renovation,” said Ray White agent Alistair Macmillan.

The local buyers only inspected the house on the day of the auction.

Adelaide tops turnover figure

With 129 auctions across Adelaide, its 75.6 per cent preliminary success rate was the highest of the capital cities.

Its most viewed listing was the recently renovated 1920s bungalow at 63 East Terrace, Henley Beach at $1,617,000. Its price guide had been $1,475,000 from Jae Curtis and Jayden Lugg

at Belle Property.

63 East Terrace, Henley Beach in Adelaide sold for more than $1.6m.

Set on a 380sq m corner block framed by Norfolk pines some 300m to the beach, the home had original floorboards, tall ceilings and decorative fireplaces.

It had last sold in 2017 for $615,000.

Canberra, with the weakest result at 50 per cent, saw 32 Goldbloom St, Denman Prospect fetch $2.15m.

It was the ACT’s lowest preliminary clearance rate this year.

Some 14 auctions were held in Perth with Vivien Yap selling a 783sq m building block at 6 Glenn Avenue Mosman Park for $1.8m and a duplex at 23b Bulimba Road Nedlands for $1,925,000.

McGrath living the penthouse life

Estate agent John McGrath’s return to property ownership, after a six year break, was settled with his $4.12m Cabarita penthouse this month.

McGrath did not use Oxygen Home Loans, the mortgage business started by McGrath in 2003, but instead his purchase financing came from Bell Partners Private Wealth.

It’s headed by his mate, celebrity accountant Anthony Bell, and run by Brett Taggert.

McGrath had been renting at nearby Breakfast Point since selling his $8.65m Walsh Bay penthouse in 2019.

Meanwhile, Phillips Panzer Donnelly Real Estate, which has incrementally taken sales market share from the McGrath network in Sydney’s east, is set to launch PPD Money.

It has been a project of Matt Cambridge, PPD’s head of growth.

PPD Money was registered last month directed by Adam Rakowski, founder of Ortus Financial.