Paddington terrace leaves reserve in the dust with $9m sale
Sydney’s Paddington secured the nation’s top weekend result with a $9m sale, with five bidders pushing the four-bedroom terrace to $1.5m above its reserve price.
Sydney’s Paddington secured the nation’s top weekend result with a $9m terrace sale, some $1.5m above its reserve price. There were five buyers seeking the Windsor St deceased estate.
The four-bedroom, three-bathroom terrace had last traded for $300,000 in 1981 when bought by the late grazier Brien Cobcroft as his city base away from the acclaimed Willow Tree farm, Parraweena on NSW’s Liverpool Plains.
Cobcroft, who won bronze at the Mexico Olympics in 1968 in equestrian eventing, died in 2010. The Paddington terrace was listed following the death in November 2022 of his second wife Jennifer, through McGrath agent Georgia Cleary.
The last major renovations were likely undertaken during its 1970s ownership by interior decorators Richard Swiney and Allan Pearce.
The terrace with 7.6m frontage came with parking plus a two-storey studio in its former stables at the rear of the 251sq m block.
The Paddington property was referred to in Supreme Court proceedings regarding family inheritance and the keeping of the rural empire intact for the Cobcroft descendants.
At the time of Brien’s death, valuer Chris Meares gave a $35m valuation on the combined family farm properties, which had jumped to $47m by the time of 2017 court hearing.
Parraweena had been acquired in the 1930s, with the social pages noting the family spent their summer holidays at the Borambil rental complex at Manly.
Manly marvel
After holding above 80 per cent over the past two weeks, Sydney’s preliminary clearance rate slipped to 77 per cent across 981 auction results collected by CoreLogic.
The number sold pre-auction remained high at 30 per cent, including a luxury apartment in Manly sold by fund management veteran Mark Yetman.
NSW had 45 luxury $5m-plus weekend auction listings with just three under-the-hammer sale notifications, eight selling prior and seven having their auction date pushed back.
The three-bedroom North Steyne apartment in the 2010-built Manly complex designed by architect Susan Rothwell had been listed with $9m to $10m price guidance, having last sold at $4.2m in 2011.
There was no sale price disclosure from the selling agents at The Agency.
Loss for The Agency
The Agency group reported on Friday that its gross sales volume jumped to $3.3bn in the half-year ended December 31, up from $2.6bn a year earlier, after the sale of 3115 properties, a 9 per cent gain on the prior corresponding period.
However the net loss after tax of the Geoff Lucas-led, ASX-listed company rose to $3.12m, compared to $1.67m a year earlier.
Its latest non-recurring legal costs came in at $315,000, seemingly after its unsuccessful attempt to force a competitor on Sydney’s northern beaches to change its business name, logo, domain name and advertising material, amid claims it was too similar to its own.
The Federal Court dismissed The Agency’s originating application last June and its appeal in December before Justices Yates, Markovic and Kennett. The case concerned The North Agency run by Chris Aldren and Tulo Sila.
Solicitors Thomson Geer instructed Ed Heerey KC on the futile endeavour.
The court judgment noted both the word “Agency” and a stylised roof or house device representing the letter “A” were commonly used in business names and trademarks in the real estate industry, which made it “less likely that consumers would be confused by any resemblance” amid the “hubris” of the rival firms.
The previous full-year result noted $625,000 in costs associated with the proceedings.
Clearance slips
The national weekly clearance rate eased to 73 per cent from 75 per cent.
Adelaide was the strongest, around 88 per cent, with its top sale $3.15m in St Peters. Set within highly sought-after school zones, the five-bedroom brick home on 1184sq m was offered for the first time in 40 years.
Brisbane had a 72 per cent success rate.
The top sale was $5.9m at Indooroopilly.
It was marketed by Adcock Prestige agent Jason Adcock as on a flood-free, 1039sq m riverfront block.
The 2012-built home was listed by eccentric rich-listers Cathie Reid and Stuart Giles, founders of Icon Group, Australia’s largest dedicated cancer care provider.
“Stuart and I are officially empty nesters – it’s time to move on and let another family enjoy our beautiful Indooroopilly home,” she told her social media followers.
The upper floor features a hotel style foyer, office, and the master suite which has access to a rooftop terrace. The central level includes a guest bedroom, dining and entertaining areas, and the kitchen. There are an additional three bedrooms, media room, and pool on its lower level, and a gymnasium underneath.
The couple bought it in 2016 for $4.5m.
Right on Kew
The Melbourne preliminary clearance rate dipped to 70 per cent, down from 72 per cent, its lowest so far this year – but still well above levels late last year.
The highest sale reveal came in a post-auction result in Kew when 25 Edward St sold for $6.75m, having been listed through Nick O’Halloran and James Scoones at Jellis Craig.
The 1165sq m holding came with an original-condition, five-bedroom home with no overlays.
“It was sold to a local developer who is at this stage unsure of what he plans to build,” O’Halloran says.
The crowd of 70 saw a $6.4m opening bid, with it passed in at $6.6m.
A Brighton East offering that sold for $5.5m was the highest under-the-hammer result, having been listed with $4.5m to $4.95m guidance through Stephen Smith at Marshall White.
Buyers agent Mal James noted it was announced on the market at $5.02m, with three bidders for the 57 Baird St offering.
Meanwhile, CoreLogic puts Melbourne’s sold-before rate at 22 per cent.
They included 26 Elizabeth St, Malvern at $5.15m through Yili Ma at Belle Property, who had given $4.7m to $5.1m guidance.
Butler’s bonanza
Peter Kostopoulos, the butler of the late media tycoon Kerry Packer, has secured $4m for his spacious Surry Hills terrace.
The South Dowling St home was announced on the market by auctioneer Damien Cooley at $3.95m.
Kostopoulos purchased the 202sq m corner terrace in 1997 for $500,000.
Its lavish interior has six working fireplaces.
PropTrack puts the suburb house median at $2,050,000, up 10 per cent annually.
There are eight Surry Hills auctions timed before Easter, reflecting the current spike in listings across the capital cities.
“Auction activity is ramping up,” PropTrack economist Anne Flaherty says.
There are 1079 auctions scheduled in Sydney this week, up 36 per cent, year on year, and 1010 auctions scheduled next week, up 60 per cent, year on year.
“Buoying auction volumes is the expectation of a more stable interest rate environment, which looks to be supporting a recovery in seller confidence,” Flaherty says.
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