12 buyers and special Kirribilli penthouse - makes for $1.325 million above reserve!

The $3 million reserve on the harbourfront Kirribilli apartment with rooftop terrace (pictured above) was quickly reached after the $2.8 million opening offer.

But then two of the 12 registered bidders at the Laing & Simmons North Sydney onsite auction went way beyond even the $4 million mark for the 177 square metre seventh floor penthouse.

Auctioneer David Gray of Cooley Auctions knocked down the offering through Laing & Simmons North Sydney agent Catherine O'Neill at $4,325,000.

"There were no offers before, so the buyers were keeping things close," Catherine O'Neill told Property Observer.

It was the first time offered to the market given the Stewart family had built the Waruda Avenue block in the mid-1900s.

It came with three bedrooms, three bathrooms and two carspaces.

The true waterfront penthouse in the world class location needed renovation given its somewhat dated 1990s styling. Some observers thought it probable to fetch around $3.5 million given a 137 square metre third floor apartment had been listed, without sale, last February with $3.1 million hopes after architectural redesign.

Today's Adelaide buyer - who fought off London expatriate interest - signed the $432,500 deposit cheque and then went straight onto buy the Stewart's one bedroom offering (pictured below) which fetched $690,000. It was 59 square metres, also on the top floor, with $650,000 plus price guidance.

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"Brilliant by day and truly spectacular by night, this apartment enjoyed uninterrupted breathtaking 180 degree views of all Sydney Harbour's icons - the Harbour Bridge, Opera House, Botanic Gardens and the magic of the City's lights," Catherine O'Neill's marketing said.

news@propertyobserver.com.au

    

But not all the prestige lower north shore weekend auction offerings found buyers. At Neutral Bay, a Hayes Street harbourfront offering was passed in at $4.8 million. Its price guidance had been $4.75 million plus.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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