Vaucluse and Paddington passed in so Sans Souci the dearest sold in Sydney
With a $10 million Vaucluse vendor bid, and a $3.45 million Paddington vendor bid, Sydney’s most expensive residence to sell at auction on the weekend was a chic contemporary residence in Sydney’s southern suburb of Sans Souci for $3.125 million.
The ultra-modern 2012-built five-bedroom house at 78 The Promenade, with views over Kogarah Bay, sold through McGrath South Hurstville, according to APM.
The house has a three-car garage, wine cellar, an atrium with high ceilings and marble bathrooms. The land area is 638 square metres and includes a swimming pool and spa.
Statistics compiled by RP Data shows that the sale is well above the median house price for the suburb, which was $1.306 million in September this year. For the same month in 2013 the median house price was $1.1 million. In the past 12 months, capital growth for the seaside suburb that flanks Sydney’s historic Botany Bay was 30% for 2013, a dramatic improvement on the negative growth that the area experienced for the previous two years.
The Promenade has had a recent spate of multi-million dollar sales with a four-bedroom house on 828 square metres of land at 75 The Promenade selling for $2.55 million last month while a five bedroom house on 588 square metre at 140 The Promenade sold for $2.35 million in August.
APM reported the Sydney weekend home auction market bounced back at the weekend recording a clearance rate of 81.1% despite over 700 properties going under the hammer.
Last weekend the clearance rate dipped below 80% for the first time in two months as the highest number of auctions since May weighed down buyer activity.
"High auction numbers were however no impediment to the market on Saturday as the record breaking spring selling season regathered its energy," APM senior economist Dr Andrew Wilson said.
Despite the revival in the clearance rate at the weekend, the underlying trend has weakened over the past month.
"It is definitely still a sellers’ market," Wilson suggested.
Sydney’s four-weekend average clearance rate now stands at 81.3% compared to 83.0% over the previous four-weekend period.
Sydney’s south took over from the usual leader the inner west as the best suburban region performer at the weekend with an exceptional clearance rate of 90.6% reflecting 87 sales from 90 listings.
Next best was the city and east with 85.1% closely followed by the north west with 85%, the upper north shore 83.3%, the central coast 81.8%, the northern beaches 81.5% and Canterbury Bankstown 80.6%.
The inner west however recorded its lowest clearance rate for the spring with a 76.5 percent result.
It was the Vaucluse home of Telenet chief John Porter and his wife Susan Mougey that was passed in on a $10 million vendor bid.
Designed by architect Tom Rivard, the four-storey residence sits in Will Dangar-designed gardens.
It last traded in 2006 for $7.17 million then rebuilt in 2009.
Following the family's move to Belgium last year, it was listed for in excess of $11 million.
The Paddington terrace was passed in on a $3.45 million vendor bid. The Paddington Street property was marketed as one of the suburb's largest four level terraces.
