A touch of Hollywood glamour had plenty of buyers chasing a luxury Mediterranean-style property in Killara on Saturday.
Five bidders registered for the auction of 12 Garnet St, but it came down to two locals who fought it out to the end – pushing the sale price $400,000 above the guide.
Peter Chauncy, of McGrath Crows Nest, said the bidding opened at $5 million, rising in increments of $100,000, $50,000 and then $10,000.
“It ended up as war between two bidders,” he said.
“Buyers loved the size of the living spaces, the quality of the home and also the character.”
A crowd of about 100 people gathered for Saturday’s auction, run by McGrath auctioneer Ed Riley.
The property sold under the hammer for $5.9 million, smashing the street’s sales record.
This is also the first home to come up for sale in Garnet St, since 2018, according to CoreLogic. The previous street sales record was held by 5 Garnet St, which sold in 2014 for $5,400,000.
Located in Killara’s golden enclave, No. 12 is set on a private 1588sqm block surrounded by lush lawns and manicured gardens.
Other features of the home include a new limestone, gas-heated pool, gourmet kitchen with walk-in pantry, two fireplaces, ducted airconditioning and Brevis underfloor heating.
The location is another major bonus of this property. It is within the catchment of the sought-after Killara public and high schools, and the train station is only 800m away.
Mr Chauncy said the buyer was a local couple from Wahroonga. He said buyer interest in the upper north shore hasn’t showed any signs of slowing down as autumn arrives.
“I’m quietly optimistic about the market staying strong,” he said.
North shore hot spots
Willoughby and Lane Cove are emerging as hot spots for young families looking to upsize from all over the north shore. Strong demand and low stock has seen prices rise across the area, and this has created challenges for buyers looking for the perfect upsizer at the right price, said Max Wagschall, of The Agency North.
He said buyers were seeking out homes in outer-lying areas like Willoughby and Lane Cove, which are still close to the city but offer more affordability.
But he said even these suburbs were seeing strong price growth, particularly Willoughby.
“What was late two millions is now 3.3 to 3.4 (million),” he said.
“Willoughby is definitely in the peak of the market.”
Mr Wagschall is currently marketing a family home at 9B Chaleyer St, North Willoughby, which is attracting plenty of attention thanks to its price guide of $2.5 million.
The home at is secluded from the street at the end of a private driveway and is set on a north-facing 770sqm block.
The property is a contemporary take on classic mid-century design, and includes raked ceilings, four bedrooms and a pool. It goes to auction on March 28.
Another reserve tumbles
A Riverview property ripe for redevelopment attracted lots of interest at auction on Saturday. The house on 759sqm at 58 Kallaroo Rd, backs onto waterfront bushland reserve.
Four of the seven registered bidders took part in the auction, and the property sold under the hammer for $2,800,000 to a young family from Willoughby.
Simon Harrison, of Belle Property Lane Cove, said the price was well over the $2,300,000 reserve.
“This is an amazing result,” he said.
“Redevelopment opportunities in Riverview are rare and several buyers saw this as a once-in-a-lifetime opportunity that was worth competing for.”
Builder picks up project
Another well-located property with renovation/rebuild potential also did well at auction on the weekend.
No. 54 Babbage Rd, Roseville Chase, went into the auction with a guide of $2.25 million and sold under the hammer for $2.4 million.
The 1960s-built home was designed by modernist architect Maurice Morrison and is on a 1328sqm block.
Craig Ireson, of McGrath Castle Cove, said the buyer was a local builder and his family.
“He’s delighted and looking forward to what they can do to the property to add value to it,” he said.