Add CategoryA stunning Warrawee estate has smashed its reserve by more than $1m, selling for $9.2m at auction on Saturday morning.
The vendors of 25 Bangalla St had held on to the property for over 30 years and were selling to downsize to Barangaroo.
Property records show the home last sold for $1.2m in 1993, giving the family a windfall of $8m over 30 years, the family were reportedly “still in shock.”
The owner’s had hoped to sell for $8m. Lead agent Ray White’s Michael Dempsey said he was also “surprised,” by the result.
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The auction at 25 Bangalla st.
“There was really good bidding, it just took care of it self,” he said.
Attracting six registered bidders, four were actively bidding.
“All the bidders had a similar story, they were living in the area and upsizing with their kids attending local schools.”
Close to Knox Grammar and Wahroonga Public School, this was a big drawer card for the local families.
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With the home also overlooking Gilepsie fields, Mr Dempsey said this was a big drawcard.
“It’s almost like our version of a water view,” he said. “You can’t build there and it’s a lovely outlook. The home also had the aspect north to rear which is a good factor.”
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Birds eye view of the estate.
The home itself was a grand residence, built circa 1932 sitting on a “magnificent 1682 sqm with dual street access,” the listing read.
A crowd of over around 60 people came to watch the hammer drop, draping over the homes vast terrace to watch the action that took place around the swimming pool.
A sweeping circular driveway opened up to an elegant home with French doors, with stunning grounds and gardens.
The action around the pool.
The Warrawee auction was one of 1,174 auctions scheduled in Sydney this week, up 83 per cent year-on-year according to PropTrack.
“This high end market is transacting well, and this auction proves that. There is always a big demand for spectacular properties regardless of price point,” Mr Dempsey said.