RBA sells Kirribilli mansion securing impressive 7.8% annual price growth

RBA sells Kirribilli mansion securing impressive 7.8% annual price growth
Jonathan ChancellorDecember 7, 2020

The Reserve Bank of Australia sold its redundant Kirribilli mansion, Eversley, for a bullish $5.2 million at weekend auction.

Its annual price appreciation during the RBA's 28 year ownership reflected a healthy 7.8% annual growth.

It was among the 670 properties that went to weekend auction with the initial Australian Property Monitors tally at another weekend clearance rate above 80% - of 81.5%.

It represented the eighth weekend running that APM has recorded above 80% on initial results, although the prior weekend was revised down to 77.9%, which is about its true auction success tally.

With unconfirmed $4.5 million plus price hopes, the opening bid at the Ray White Lower North Shore auction was $4.1 million.

There were just the two reported bidders, who pushed the price of the duplex at 10 Carrabella Street up.

It last sold in April 1986 for $630,000 under Bob Johnston's governorship just before the Sydney market took off in its late 1980s record boom.

No reason for its sale has been given but Property Observer recently noted in recent years the property has been beset with pesky landlord issues taking up much of the central bank's time.

Issues including leaking taps, pathway descaling, problematic cistern, dangerous tree limb decay, low pressure hot and cold shower water, hazmat requirements, leaking roof tiles, balustrade compliance, damp kitchen ceiling, decaying front garden fencing, the back fence replacement, bathroom grouting issues, possums in the fiddlewood tree, beeping fire alarm on the first floor, and the failing light above the sandstone stairs that meant the steps were dangerous.

At one point rental abatement was given.

The weekend's highest sale was $5.7 million in Mosman.

APM put Melbourne's initial weekend clearance rate at 73% an its revised prior weekend at 69.8%, indicating that slight softening in the Melbourne market. Its initial result last weekend was 73.9%.

Melbourne's highest weekend sale was $3,125,000 in Canterbury. 

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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