The Sydney residential auction record could be smashed tomorrow when a luxury Rose Bay home with views of the Harbour Bridge goes under the hammer with a guide of $25 million.
It will be one of around 646 properties scheduled to go to auction on Saturday, per CoreLogic data, a number that is well down on the close to 1000 held on the corresponding weekend last year.
The Rose Bay property at 20B Tivoli Ave owned by investor Stephen Burcher is easily the most expensive, and if it does sell at the 3.45pm auction close to its price guide, will smash the current residential record.
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The previous high was set back in 2009, when the French government sold Bellevue Hill mansion Le Manoir for $23 million.
It was originally selling through an expressions-of-interest campaign, before strong activity from buyers prompted agent Ben Collier of The Agency to change tactics.
Around three or four buyers are expected to compete for the home, according to Mr Collier.
“We recognise that this is somewhat unorthodox however the psychology around it is no different to a house worth less money,” he said.
“People still need to see the competition in front of them. Even if we don’t sell it under the hammer we feel it is necessary to secure a sale.”
The Rose Bay property isn’t the only notable auction this weekend, with the Malabar home of My Kitchen Rules judge Pete Evans and wife Nicola Robinson also going under the hammer.
The auction market has had reasonable start to 2019, recording a clearance rate of 63 per cent last Saturday and 58.5 per cent the week before.
Auctioneer Damien Cooley of Cooley Auctions said he felt the market had come back stronger than the way it finished in 2018, but the state election on March 23 was still causing many to hold off.
“I think it has a lot to do with vendors listening to the market. There are a lot more realistic owners,” he said.
“It is still a challenge to get auctions started, but once they are started there is almost a feeling of relief from interested buyers as it gives them comfort they are making the right decision.”
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Auctions volumes are down on last year, Mr Cooley added, and despite desirable areas performing well, buyers are now much more reserved.
“In the boom buyers were adding 10 per cent to a guide and now they’re discounting by 10 per cent,” he said.
“This weekend will give us a better guide of the market as whole, but we need to assess the pre-election data before we make any comment on its value.”
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