A harbourside property in Australia’s most affluent suburb was sold at auction last night for a whopping $13,700,000.
It’s fair to say that the rare Point Piper home certainly exceeded auction expectations, after its $9-10 million guide price was blown out of the water by a host of keen buyers.
Sat imposingly on an elevated 1,160sqm block, 16 Wunulla Road has served as the vendor’s family home for almost 50 years, though she is said to be delighted with the result.
Ray White listing agent, Craig Pontey, said: “It was sold for substantially over expectations, but it is a fantastic spot with north-east views across Rose Bay right the way around to Manly.”
“The owner has been there for 46 years, she was extremely happy.”
“It has been her family home for many years and she has had great memories there but it is now time for her to move on,” he said.
Five determined local buyers battled it out for the property, all with the intention of demolishing the existing home and building the house of their dreams in its place.
“The house needs demolishing as it is past its current economic use. It will be a substantial project and will probably take a couple of years to materialise,” explained Mr Pontey.
The sale highlights the strength of Sydney’s high-end real estate market and Mr Pontey believes the flurry in activity is due to several reasons.
“The top end market is very strong – it’s on fire” he said.
“I’ve been doing this for 42 years and I don’t think I’ve ever seen the top end of the market this strong, and it looks like it is going to continue that way.
“There has been a lot of money made on the stock market and if you have access to capital you can borrow money for less than 2% at the moment, that’s what is driving a lot of people’s decisions.
“Also, nobody is able to go away anywhere, so people are thinking, ‘If I can’t go away for the next 18 months I may as well spend my money on my house or buying a better or bigger one’, that is really helping our market,” he said.
16 Wunulla Road, Point Piper, NSW 2027