Record breaking auctions
This month records have tumbled with some incredible results announced by Sotherby’s managing director Michael Pallier. Domain reports Pallier had an amazing month breaking his own record by selling at auction the most expensive house on record in Australia for $24.6 million – for a staggering $10.6 million over reserve. The 5 bedroom house on Vaucluse Road was previously owned by Akihiko Terada, and was bought by a young couple who had never bid at an auction before.
Pallier’s previous personal record was in 2009 selling Le Manoir in Bellevue Hill to Lachlan Murdoch for $23 million.
Whilst an unbelievable achievement for all involved, it shouldn’t overshadow Pallier’s other remarkable result for the month, as reported by realestate.com, of selling at auction ‘the worst house on the best street’ also in Vaucluse. This went under the hammer for $5.5 million, an (almost as) astounding $2 million over reserve especially considering it is semi-detached, and with no off street parking. It was described as a ‘doer upper’. Not exactly what you’d expect!
It looks like these sorts of better-than-expected results seem to be spreading throughout Sydney. For example Domain notes that Sydney house prices seem to be back on the rise, even if units appear somewhat weaker. The article reports that pockets of the city price jumps in excess of $100k, even though in the same article noted that Central Coast auctions are attracting a lot of interest amid the growing work from home movement.
In a separate article Domain also detailed the other regional areas where Sydneysiders are impacting rental pressure as they check out an area before buying.