An elegantly designed Coogee house with ocean views has sold for $13.1m – millions over reserve – at a fast-paced auction described by the auctioneer as “intense”.
It was the home of jewellery designer Kylie Hinds, founder of Not Heidi, and her family, who had built the house on Wolseley Rd in the late 2000s.
Selling agent Bethwyn Richards of The Agency would not disclose the reserve price, but confirmed it was under $11m.
The $13.1m price may have been higher than expected but Ms Richards said she had been prepared for strong bidder competition.
“We had seven registered bidders. They all thought the property was magnificent,” she said.
Auctioneer Jake Moore of Cooley Auctions said none of the bidders wanted to let the property go as they saw it as one of a kind.
“People had clearly fallen in love with it,” he said, adding that the designer home metres from the Bondi to Coogee coastal walk was in a category of its own for design and function.
An opening bid of $10.25m came in immediately after Mr Moore launched proceedings. A few bids followed, before the bidding picked up pace at the $10.5m mark.
Most of the offers were in mixes of $100,000 and $200,000 increments and came in quick succession.
Bidding only slowed down by the $13m mark, by which point Mr Moore, who had to call out every bid, could be seen catching his breath.
Mr Richards said the property would have sold well regardless of whether it was a strong or weak market.
“There are people who have been trying for years to get houses like this and there is always a lack of this kind of stock, irrespective of changes in the (market) climate or who is in government,” she said.
The buyer of the Coogee house was a local family.
Mr Moore said it had been months since he had seen such “bullish” bidding at a Sydney auction.
And while he explained this was mostly down to the rare features of the property, the result of the federal election may have helped. “Now the election has passed people will be making quicker decisions rather than sitting on their hands and waiting to see how things turn out,” he said.
Avenue Auctions director Andrew Cooley said the federal election results, coupled with more realistic vendor expectations, were helping get the market moving again. “Things are looking up,” he said.