Local Chinese buyer snaps up Sydney's highest weekend auction offering

A local Chinese buyer secured the weekend's highest Sydney auction offering when a Lavender Bay property sold in negotiations for $5.6 million within an hour of being passed in.

The McGrath agents Michael Coombs and Nigel Mukhi had marketed the four-bedroom, three-bathroom home with more than 80 groups inspecting the home.

It contributed the weekend's 75% cleareance rate based on initial results from Australian Property Monitors.

There had reportedly been nine contracts issued with four bidders competing for the house with agent Michael Coombs confirming it was bought by a local Chinese buyer. 

The McGrath agents said the property attracted inquiries from local downsizers from eastern suburbs and upper north rather than overseas Asian buyers in this instance.

Sydney's second highest sale was on John Dykes Avenue in Vaucluse at $3.35 million.

It followed last month's auction as six Chinese buyers battled for a Vaucluse mansion that sold for $5.15 million.

Several private treaty sales have occured in the interim including about $15 million on Vaucluse Road, Vaucluse which had been around two years in negotiations with its Chinese buyer.

Set in Annie Wilkes designed formal gardens, complete with a pool, sculpted hedges and level lawns, the Spanish Mission home had been designed by F. Glynn Gilling for the Arnott family in the 1920s.

A Seaforth Crescent, Seaforth, property sold to Chinese buyers at around $6.5 million.

Coombs says he usually has strong interest from overseas Asian buyers in properties like the Lavender Bay one. He says there has been a recovery in the luxury apartment market above $5 million.