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8 Bishops Avenue, Randwick sold for $7.3m at an exciting auction tonight.
The incredible home of the head of a publishing firm has sold for $7.3m at auction tonight — smashing the reserve by $1.3m and setting a new suburb record.
Ray White TRG principal Gavin Rubinstein and Andrew Thomas had more than 10 registered bidders line up for 8 Bishops Avenue, Randwick, owned by Michael Nebenzahl, the managing director of Australia’s premier performing arts program publisher Playbill, and his wife, Cassie.
And only three of those registered managed to get in a bid in during the rapid-fire auction at Damien Cooley’s Double Bay rooms.
And is often the way, it was the gent who opened the bidding — at $5.9m — who ultimately won the keys. It had been $100,000 bids all the way and it was all over quick as a flash.
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The pool was one of the attractive features of the home.
The renovation, completed in 2012, was very impressive.
The disappointed underbidder could be seen being comforted by friends, who were telling the man: “You see, he was buying it for his children,” gesturing to the younger couple sitting beside the man and his wife.
It was definitely dream home material — a wide, circa-1885 double-fronted residence combining period features with a modern extension completed in 2012, with beautiful finishes in the kitchen and bathrooms.
There’s a level lawn, an outdoor dining area and a pool.
The dining room opened to the yard.
The home has extensive entertainment areas.
Explaining the big result, Rubinstein said tonight: “The big fundamental is issue is that there is a lack of choice and this is forcing people to compromise.”
The interest had been so strong that he’d lifted the buyer’s guide from $5.5m to $6m during the campaign.
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He said that many of the buyers at opens had initially been looking in Bronte and Clovelly, but had been forced to widen their search.
“Money is so cheap, there’s a positive sentiment in the market and that lack of choice — that’s the golden formula.
“Plus we ran a phenomenal marketing campaign and have a comprehensive understanding of the process which is second to none.”
The home blends old and new and also has a private front yard.
An aerial view of the site.
The $7.3m sale smashed the previous Randwick record of $7m, set last September for the grand old Gothic mansion Nugal Hall in Milford Street.
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And it follows a string of other recent strong results for Rubinstein in the last few days, including the pre-auction for the 11 Bell Street, Vaucluse home of architect Richard Thorp and his wife, Wendy, for $6.25m with his colleague Matt Kemeny and a unit at 1/12 Ramsgate Avenue, North Bondi for $1,675,000. A similar unit next door sold in December for $1.52m.
“The market is the strongest I’ve seen it in my career,” Rubinstein said.