Sydney auctions clear 75 per cent with record $24.6 million Vaucluse sale

Sydney auctions clear 75 per cent with record $24.6 million Vaucluse sale
Joel RobinsonDecember 7, 2020

Sydney recorded another strong week of auction clearance rates, with preliminary result of 75 per cent of property selling under the hammer on Saturday.

The headline came from Vaucluse where the auction record was broken for the first time in over a decade.

It had been held a $23 million purchase of the Bellevue Hill mansion Le Manoir in 2009.

But now the former home of the late Japanese billionaire Akihito Terada holds the accolade, selling for $24.6 million, some $10 million over reserve.

The 2009-built home (pictured in title), last traded for $11.7 million in 2013.

Sotheby's agent Michael Pallier marketed the Vaucluse Road home on 1,085 sqm which has five bedrooms, six bathrooms, a tennis court and an indoor/outdoor heated lap pool.

The purchaser was a young local Chinese family that had never bid at auction before.

Click to enlarge:

Sydney's strong auction clearance rate comes from 630 auctions, down from the forecast 843 homes expected on Friday.

Melbourne's auction market remains dried up with the 49 properties going under the hammer. Just 14 sold.

Across the smaller auction markets, both Adelaide and Canberra saw strong clearance rates of above 77% while Perth struggled and Tasmania saw zero auctions.


Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

Editor's Picks