A $7 million Coogee oceanfront the whisper quiet weekend trophy home sale
A five-bedroom property boasting a 42.5-metre ocean frontage listed with $7 million-plus hopes sold after weekend auction negotiations.
The price has not been disclosed but its understood its bettered the previous $6.9 million record set when an oceanfront Major Street property was sold in 2010 by Jeremy Philips to neurosurgeon Ralph Mobbs and his wife Lisa.
Located on Gordon Avenue in Coogee, the vast 2,304-square-block hosts a two-level home with views over Gordon’s Bay.
The $7 million property features a tennis court and a separate self-contained guest accommodation.
Last sold in December 2001 for $4,258,000, Bethwyn Richards and James Dack of McGrath Edgecliff apparently secured the weekend sale.
The median house price in Coogee is $1,612,500 according to RP Data.
The $7 million sale was the home of Chum Darvall, the former head of Deutsche Bank and his wife, Belinda Darvall sold for $7 million. Its 2001 sale which also set the suburb record was by the property developer David Boyer and his wife, Marilyn.
The over-all Sydney clearance rate was 74.7%, according to Australian Property Monitors, up from 52.2% the same weekend last year.
Fairfax Media's Australian Property Monitors senior economist Andrew Wilson said the market was “holding its own”, but could improve especially in the prestige end of the market.
“We still really don’t have any signs of a significant lift in activity in the prestige market in Sydney,” he said, blaming sharemarket concerns.
“We still lack that prosperity?effect,” he told Fairfax Media.
Dr Wilson said Sydney prestige was not selling well in the $3?million to $5?million range.
