Paddington terrace trophy home a $9m sale
A modern Paddington terrace in Sydney’s inner east fetched $8.95m in post-auction negotiations, ranking the sale as second-highest across the nation’s weekend results.
A modern Paddington terrace in Sydney’s inner east fetched $8.95m in post-auction negotiations, ranking the sale as second-highest across the nation’s weekend results.
The Flinton St trophy home offering, with 6.5m wide frontage on its 353sqm block, was built in 2001 in Stockland’s Paddington Green development.
It sold through Luke Hogan and Fraser Turvey of the ASX-listed McGrath Estate Agents. There had been a $8.55m top bid at its auction where the price guide had been $8.5m
It was sold by John Widdup, who spent the majority of his 40 years in the property industry at Westfield.
The three-level Torrens-titled terrace last traded at $3.81m in 2012 when bought from veteran property consultant David Archbold, who had secured it off the plan in 1999 at $1.55m.
The four-bedroom, three-bathroom property, with double garaging, comes with views over the dog-friendly Royal Hospital for Women Park.
Paddington has always been the most expensive of terrace markets, and there’s whispers the McGrath Paddington office has recently secured an off-market $10m plus sale of a heritage terrace on Paddington St.
The McGrath agency took office space on Five Ways last year with the aim of reinstating its era of dominancy that occurred after its foundation in the suburb by chief executive John McGrath in the late 1980s.
Meanwhile, rival local agent Phillips Pantzer Donnelley’s Alexander Phillips, who has held the mantle of the top-selling agent in Australia for six years, has kicked off with a cheap start to his 2023 sales.
Phillips has secured a $440,000 studio apartment sale on Sutherland St, Paddington at $45,000 less than its $485,000 sale early last year.
Sydney action
Sydney was the busiest capital city auction market last week, with 606 homes auctioned across the city. There was a 67 per cent success rate from the 476 results collected so far by CoreLogic, the first time the clearance rate fell below 70 per cent this year.
It was up on the previous week’s 424 tally, but down on the same time last year when 886 auctions were held.
The dip in Sydney’s clearance rate was accompanied by a rise in the weekly withdrawal rate, from 12.5 per cent last week to around 18 per cent, Tim Lawless at CoreLogic advised.
Sydney saw the top nation’s sale when $17.15m was paid for the four-bedroom, four-bathroom house at Darling Point through Sotheby’s agents Michael Pallier and Daphne Sauvage. It last sold at $4.7m in 2007 to nephrologist Professor Jacob Sevastos and his wife, Christine.
Listed with a $15m price guide, the home, with 403sqm of internal space, has views over the Double Bay harbour from its 538sqm Sutherland Cres block.
There was also the $7.65m sale of a five-bedroom, four-bathroom renovated 1960s Castle Cove house through Di Jones agent David Howe after more than 200 inspections.
With 18 contracts requested, there were eight registered buyers for 57 Nerrim Rd, which had a $5.7m reserve price. It took 90 minutes, and 81 bids, after its $5.2m opening bid.
Its owner has moved back to China to live.
“We had two buyers fighting for it … both refused to budge,” Howe told Competing Bids. “All we need is two good buyers.”
Pinnacle purchase
Across Melbourne, 543 homes went under the hammer last week, up 31 per cent from the 413 prior week volume. Melbourne’s preliminary clearance rate dipped lower to 63 per cent.
The top sale was $4.1m in Point Cook. The luxury resort-style, 2006-built, five-bedroom mansion featuring a pool and tennis court at 29 Greg Norman Drive just fell short of the $4.16m price record set by 28 Heron Way last year.
Established Property Point Cook agent Fadi Saad secured the sale of the 2011sqm property located in a gated community known as The Pinnacle. It had been listed with a $3.8m-$4m price guidance.
It was listed by a local Sanctuary Lakes shopping centre trader who’d paid a then record $2.35m in 2017.
Late sale success
The Marshall White listing of the St Kilda West home of Hayley Morris, the millionaire daughter of Computershare founder and billionaire Chris Morris, and her partner, Andrew Lewis, came with a $5.5m asking price following its unsuccessful weekend auction scheduling.
It was the most viewed property to go to weekend auction, with 18,000 plus views on realestate.com.au during its marketing.
The five-bedroom, three-bathroom modernised home, with period features including leadlight windows and oak floorboards, last traded at $4.25m in 2018.
Listing agent Oliver Bruce secured the sale of the Edwardian Park St property at an undisclosed price on Sunday afternoon, so cancelled its 6pm Monday open house scheduling.
The couple listed after buying regional media tycoon Antony Catalano’s nearby beachside mansion.
Driven to deal
Maserati Melbourne general manager Gary Nadin accepted an undisclosed pre-auction offer for his two-bedroom Richmond apartment.
The top-floor Burnley St apartment was listed with $650,000-$700,000 guidance through OBrien agent John Rombotis, the late 1990s Richmond AFL player. Its city skyline views include the MCG and the Pelaco building.
Richmond’s two-bedroom apartment median sits at $677,500, up 1 per cent annually, according to realestate.com.au. Based on five years of sales, Richmond has seen a compound growth rate of negative 6 per cent.
The seventh-floor apartment last traded off the plan at $612,750 in 2015 and settled on its mid-2018 construction. The Urban.com.au website advises there are 111 apartments in the United Richmond project, which was developed by Michael Dib’s Blue Earth Group to a design by CHT Architects.
Nadin recently hosted Commonwealth Private banking executives and their clients with a test-drive experience through the Yarra Valley to encourage purchases of Maserati’s latest model, Grecale, which faces off against the Porsche Macan and Mercedes-Benz GLC.
Worth a lift
Auction activity across the smaller capitals slowed last week, with the volume falling by 34 per cent week on week.
Adelaide recorded a 71 per cent preliminary success rate, Canberra 60 per cent and Brisbane up to 63 per cent.
Brisbane’s top sale was a four-bedroom, three-bathroom home at 55 Orleigh St, West End, which fetched $3.35m through Michael Hatzifotis at Place Estate Agents. It had been initially listed in August with other agents at $4m-plus after a new Italian lift servicing its three levels was installed.
The riverfront reserve home was built as one of three freestanding homes in 2009 by the Tabrizi developer family, who sold it in 2018 at $2.8m.
National auction volumes are set to rise, from 1678 last week to 2200 this week, and 2600 next week, according to Anne Flaherty, the PropTrack economist.
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