Two vacant blocks on Sydney’s north shore have sold for more than $14m.
Two of the ‘best’ mounds of dirt in Sydney have sold for a combined value of $14.75m during a “hot auction”.
The properties, at 8 Byora Cres and 8 Minnamurra Rd in Northbridge, attracted 10 registered bidders at each auction on Saturday morning, with some overlapping bidders keen to bid on both blocks.
The Byora Cres 697sq m block sold under the hammer more than $1m over its reserve for $7.05m, while the 773sq m Minnamurra Rd block sold $700,000 over reserve for $7.7m.
The two bordering blocks at 8 Byora Cres and 8 Minnamurra Rd, Northbridge.
Both blocks comes with DA approval for five bedroom homes.
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Auctioneer Damien Cooley, from Cooley Auction, described the auctions as “hot” however challenging with one suspended mid way through due to “nervousness among buyers”.
“They were really interesting auctions,” he said.
“We auctioned 8 Minnamurra first and when we got to $5.75m no one was bidding. We suspended the bidding and then auctioned Byora Cres.
“Afterwards we reopened bidding on Minnamurra and it sold. When it comes to vacant land that boundary each other, buyers often get nervous about what one is going to sell for compared to the other.
Auctioneer Damien Cooley sold both blocks during the “hot auction”. Picture: Julian Andrews.
Both homes have views over Middle Harbour.
“When Byora Cres sold really well it gave other buyers confidence to have more of a crack at Minnamurra.”
Mr Cooley said it was rare to see vacant land in Sydney going to auction.
“These are two special properties with great views of Middle Harbour,” he said.
Both properties are cleared sites with DA approvals for five bedroom homes both with panoramic water views of Sailors Bay, Middle Harbour and The Spit.
The properties were for sale with both Belle Property Northbridge and Sydney Sotheby’s International Realty.
There was plenty of competition for the rare blocks of land.
Artists impression of one of the five bedroom homes.
There will be views from all angles.
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Sydney Sotheby’s International Realty agent Spencer Liang-Sun said the auctions were “intense” with the separate buyers both locals who planned to build and live in the new homes.
“We have seen results like this but mainly in Mosman and other more established suburbs,” he said.
“This was the first option in Northbridge that achieved more than $10,000 per square metre.
“There was so much interest and so many people at the auction … we had builders, neighbours, developers, buyers for self-living and investors. This was a great result for the market to help inject more confidence.”
The listing described the blocks as “Sydney’s two best, cleared sites with Northerly-views and DA-approval! They must be seen to be believed”.
The large landholding of 1470sq m had been subdivided into two generous lots after a home built in the 1940s was demolished.
Prior to the subdivision, the combined lots sold for $9.2m in 2021.