The long-time Cremorne residence of Sydney media figures Lisa Wilkinson and Peter FitzSimons was passed in at $24.5 million during a private auction on Saturday. The auction, which attracted significant attention, ended without a sale as negotiations continued at the time of publication.
The couple, who purchased the five-bedroom Federation-style home on Sydney’s lower north shore in 1998 for $2.95 million, had set a price guide of $23 million. Despite the auction result, there is no legal requirement for a vendor’s reserve to align with the property’s price guide.
Historical Significance and Market Dynamics
Set on 3214 square meters, the home offers panoramic views of the harbour and city skyline and was renovated by renowned heritage architect Clive Lucas. The property has become surplus to the couple’s needs as their three children have left home, prompting their decision to downsize, according to media reports. The sale is being handled by Monika Tu of Black Diamondz and Brad Pillinger of Pillinger.
This development follows a broader trend in Sydney’s real estate market, where high-value properties often face challenges in meeting reserve prices. The market’s dynamics are influenced by factors such as interest rates, buyer sentiment, and economic conditions.
Other Notable Auctions
Meanwhile, a young family renting in Lindfield successfully bid $3.85 million for a double-brick home in East Lindfield. The five-bedroom property, set on more than 1000 square meters at 101 Wellington Road, was guided at $3.6 million and had a reserve of $3.7 million.
Four registered bidders participated in the auction, with the winning family planning to renovate the kitchen and bathrooms. The property was one of 1153 scheduled for auction in Sydney this week. According to Domain Group, the preliminary auction clearance rate was 73.8 percent from 721 reported results, with 142 auctions withdrawn.
Ray White Upper North Shore’s Jessica Cao noted, “The appeal was the block size and flat-level backyard,” highlighting East Lindfield’s younger demographic and lack of conservation overlay, which allows for redevelopment.
Market Trends and Expert Insights
The median house price for East Lindfield is $4,235,000, compared to $3,695,000 for Lindfield, indicating a premium for properties in the area. This disparity reflects the demand for newer builds and the influence of school catchment zones on property values.
In Miranda, a downsizer from Sutherland Shire paid $1,252,000 for a three-bedroom, penthouse-style apartment. The property at 50/23-29 Willock Avenue was guided at $995,000 and had a reserve of $1.1 million. The auction saw 11 registered bidders, with the final bid outpacing upsizers, downsizers, and first-time buyers.
Pulse Property Agents’ Luke Lombardi observed, “The appeal was the three-car garage and proximity to soccer fields and Westfield Miranda,” noting increased market activity, especially for units, due to the expansion of the First Home Guarantee.
Future Outlook and Implications
The First Home Guarantee, effective from October, allows first-time buyers on any income to purchase with a 5 percent deposit, with property prices capped at $1.5 million in Sydney and no limit on the number of places. This policy is expected to stimulate further activity in the market, particularly among younger buyers.
In Five Dock, a young family from Croydon Park secured a brick home with dual street frontage for $3.48 million. The three-bedroom house at 47 Henry Street was guided at $2.8 million and had a reserve of $2.9 million. Located near Five Dock shops and the Bay Run, the property offers a solid timber kitchen and outdoor entertainment area.
As the Sydney property market continues to evolve, these auctions highlight the varying dynamics across different suburbs and property types. The outcomes reflect broader economic trends and the ongoing adjustments in buyer preferences and financial capabilities.
Looking ahead, industry experts anticipate continued fluctuations in auction results as market conditions shift. The interplay between policy changes, economic factors, and buyer sentiment will be crucial in shaping the future landscape of Sydney’s real estate market.
