An elegantly designed Coogee home with ocean views sold for $13.1 million – millions more than the reserve – in a snap auction described by the auctioneer as “intense”.
It was the home of jewelry designer Kylie Hinds, founder of Not Heidi, and her family, who built the house on Wolseley Rd in the late 2000s.
Sales agent Bethwyn Richards of The Agency did not disclose the reserve price, but confirmed it was less than $11 million.
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The $13.1 million price may have been higher than expected, but Ms. Richards said she was prepared for stiff competition among bidders.
“We had seven registered bidders. They all thought the property was beautiful,” she said.
Auctioneer Jake Moore of Cooley Auctions said none of the bidders wanted to let the property go as they considered it one of a kind.
“People had clearly fallen in love with it,” he said, adding that the designer home just yards from the Bondi coastal promenade in Coogee was in a class of its own for design and function.
An initial offer of $10.25 million came immediately after Mr. Moore launched the proceedings. A few offers followed, before bidding accelerated to the $10.5 million mark.
Most bids were made up of $100,000 and $200,000 increments and followed each other in quick succession.
Bidding only slowed by the $13million mark, at which point Mr Moore, who had to call every bid, could be seen catching his breath.
Mr Richards said the property would have sold well whether the market was strong or weak.
“There are people who have been trying for years to get houses like this and there is always a shortage of this type of stock, regardless of changes in the (market) climate or who is in government. “, she said.
The buyer of the Coogee house was a local family.
Mr Moore said it had been months since he had seen such ‘bullish’ bids at an auction in Sydney.
And while he explained that this was primarily due to rare property characteristics, the federal election result may have helped. “Now that the election is over, people will make decisions more quickly rather than sitting idly by and waiting to see how things turn out,” he said.
Avenue Auctions director Andrew Cooley said the federal election results, coupled with more realistic expectations from vendors, were helping to revive the market. “Things are looking up,” he said.