News Corp Australia Network
Many agents and vendors shy away from taking $10m-plus properties to an open auction, preferring to sell via private treaty or discreet expressions of interest campaigns.
But this year’s unprecedented upper north shore property market has been a game changer for auctions of all shapes and sizes.
Scott Farquhar, of McConnell Bourn, brought one of Pymble’s finest estates to market last month with a guide of $10m and an auction date of November 27. He had complete faith in putting the six-bedroom, six-bathroom home under the hammer.
“It is a pretty special home,” he says.
“I felt there would be buyers who would be prepared to compete for it.”
And he was not disappointed. Five bidders registered on the day, with four of them placing bids during the quick auction.
Bidding opened at $9m, only $1m shy of the price guide, and hit $10m two bids later.
The home, at 29a Bobbin Head Rd, sold under the hammer for a whopping $12m to a local family who were upsizing.
Mr Farquhar says he believes it is the biggest auction result ever in the Ku-ring-gai area. CoreLogic records show it is also a new suburb record.
The previous residential record was held by 5-7 Lonsdale Ave, Pymble, a 5048sq m estate that traded in 2020 for $9.875m.
The Bobbin Head Rd estate sprawls over 2790sq m and includes a palatial 688sq m, two-storey home, multiple outdoor living and dining spaces, a tennis court, extensively landscaped grounds, a mosaic-tiled gas-heated pool with two cabanas, a gym and a six-car garage.
“It literally has everything,” Mr Farquhar says.
He says the upper north shore market has had a phenomenal year when it comes to price growth.
“I’ve worked in the area for 26 years and I’ve never seen a market like this,” he says.