Sydney auction: Hamptons-inspired ‘masterpiece’ sells for $9.65m in chilling market

A designer home described as a ‘masterpiece’ and rented for up to $3,000 a week sold at auction for a multimillion-dollar price at a time when buyer demand was cooling.

A Hamptons-inspired home on the Lower North Shore described as a ‘masterpiece’ has sold at a crowded auction for $9.65 million.

The 1,126 sq m property on Upper Cliff Rd in the small suburb of Northwood attracted five registered bidders and a crowd of around 70 onlookers.

Sales agent Simon Harrison of Belle Property-Lane Cove said the result was in line with what he expected the property to sell for five months ago when the market was much stronger.

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“Sellers were thrilled,” he said. “Like many sellers, they were cautious and worried that the market might not have been there at this price…it shows that good homes still sell well.”

Mr Harrison said the house is in a coveted but well-kept location, with glimpses of the water and views of the Sydney skyline.

“It’s one of those houses that you can walk through and it’s such a beautiful and imposing house. It’s also the first house in the area to come up for sale in a very long time,” he said.

Bidding started at $8.25 million, and most of the auction was a two-horse race between two committed families. The underbidder dropped out on a bid of $9.6 million.

The buyer was supposed to be a family moving from a regional area.

Property records showed the sellers bought the property in 2000 and built the current home there in 2012. It had been rented since 2018 for up to $3,000 a week.

Mr Harrison said the market for luxury property buyers was not as affected by recent interest rate hikes and luxury buyers were more “lifestyle” driven.

“They won’t pay any (price) but, if they really want to, they will act,” he said.

“People who bought this house just saw it as a family home that hadn’t seen the light of day in a while. It had all the attributes, the views. Just a phenomenal house.

“These types of properties are rare. They can only come once every 10 or 15 years.

Originally published as Sydney Auction: Hamptons-inspired ‘masterpiece’ sells for $9.65m in chilling market

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