Latest NewsHouse sells for $2 million above the reserve on biggest auction day of the yearMonday, 26 March 2018

IT WAS pitched as a one in a million house, but no-one expected a five-bedroom home in Manly to fetch close to $10 million at auction today.

The home at 67 Bower St, one of nearly 1100 to go under the hammer on the biggest auction day of the year, sold for $9.71 million — almost $2 million above the reserve.

CoreLogic’s preliminary clearance rate, too, of 65.71 per cent was better than expected and slightly higher than last week. “Sydney’s been under pressure, but perhaps it’s not the beginning of the end,” the researcher’s commentator, Kevin Brogan, said.

At the Manly auction, the agents refused to discuss the sale, but it was evident two buyers were desperate to own it.

There looked to be six bidders register, with four active.

The rear of the house at 67 Bower St, Manly.

Bidding started at $7 million and rose in $100,000 increments initially, then 50s.

After reaching $8 million, bids dropped back to 10s and 25s. And after $9 million, 5s, 10s and 25s.

The out-of-area winning bidder was acting for himself, with the underbidder, a friend of the local family.

Sources said the house had been in the family for about 10 years and they were looking to downsize.

Onlookers suggested the vendors had “more than doubled their money”.

67 Bower St, Manly includes a pool with water views.

The house was built in the late 1980s and the home was renovated over the past couple of years.

The couple had raised their family in the house that they’d built in the resort-like style of a Mediterranean luxury villa.

CoreLogic records indicated they’d purchased the original home on the site 25 years ago for $710,000.

There was also a strong result in the inner west, where a six-bedroom home on a huge $1,359sq m at 64 Redmyre Rd, Strathfield, sold for $5.9 million — $600,000 above reserve.

 

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