The Elandra penthouse at 3/44 New Beach Rd, Darling Point sold for circa $14m. The guide had been $12.5m.
FOMO is back for prestige property, says the leading father and son team in Sydney’s east, with two massive sales of homes before they could even hit the market.
Highland Double Bay Malouf director David Malouf sold a five-bedroom, five-bathroom Bellevue Hill house for circa $13.5m after two private inspections last week while his father, veteran agent Bill Malouf, sold a penthouse with a $12.5m guide for circa $14m.
And David sold a two-bedroom Rose Bay apartment for $2m at auction last Thursday night, which was $100k above the reserve and $300k above the original buyer’s guide. The duo’s sales last week totalled $29m.
“We’re at the point where there’s a fear of missing out,” says David.
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The Darling Point penthouse had views of the Harbour Bridge.
The outdoor entertainment terrace was stunning.
And it had high-end finishes throughout.
“Confidence is back … people have realised there’s a lack of family homes and if they’ve got an opportunity, they’re leaping in.”
David was unable to nominate the Bellevue Hill home’s address due to a confidentiality agreement with the vendor, but said he had two buyers fighting over it.
The ‘Elandra’ penthouse that was set to hit the market via Bill Malouf was a two-level three-bedroom, three-bathroom residence with double parking at 3/44 New Beach Rd, Darling Point, which records show was purchased by Jytte Logan, who owns Lifestyle Village Services, for $4.4m in 2012.
It offered 456sqm of space, high-end finishes and had spectacular harbour, district, and city views that included the Harbour Bridge.
“We had someone approach us, who’d seen it, and they made an offer that was worthy of consideration,” Malouf said.
“The prestige market is alright and there’s 47 per cent less stock than there was two years ago.”
The two-bedroom apartment at 5/373 New South Head Rd, Rose Bay had a $1.9m reserve price.
The quality finishes were no doubt part of the appeal.
It’s a different story for the one-bedroom and two-bedroom apartment market, which has been impacted by the interest rate rises.
“The first home buyers have been more hurt than anyone else,” Bill says.
David’s sale of a two-bedder at 5/733 New South Head Rd, Rose Bay looks to have bucked that trend, perhaps due to it being in a boutique block, had quality finishes and offered parking.
The two buyers fighting over it really wanted it — bidding had started at $1.7m; jumped to $1.9m; then $1.95m with $10k bids to follow.
“It was on for one and all,” David said.