A Point Piper apartment has sold for millions more than its $9.9 million asking price, fetching $13.025 million at auction after it was listed for the first time in 70 years.
The Wolseley Road apartment is situated in the Cliff Towers on the northernmost point of Sydney’s Point Piper.
Around 30 people attended the auction, but just seven registered bidders were fighting for the luxury apartment, which was previously owned by Susan Rankine, widow of businessman John Rankine.
The 188-square metre apartment features three bedrooms, each with its own ensuite, three-and-a-half bathrooms, a dining room with Sydney Harbour views, 3.4-metre ceilings and even a private garden.
An anonymous woman from the eastern suburbs was the ultimate buyer.
The home hadn’t been renovated since the late 1970s when Rankine moved in, but low supply and high demand bumped the price, real estate agent Brent Courtney AFR.
Data from CoreLogic found listings remained 22 per cent below this time last year, and tight inventory levels were leading to a sense of urgency among buyers.
“The imbalance between available supply and housing demand is one of the reasons why housing values have hardly fallen through the Covid-19 period so far, and helps to explain the recent upwards trend in values across some cities,” CoreLogic’s head of research Tim Lawless said in announcing the September Housing value Index.
Could Sydney be headed for a housing bubble?
While Sydney housing values slumped 0.3 per cent across the month of September, a recent UBS research note stated Sydney could be headed for a housing bubble.
“Despite the current global recession, on average, inflation-adjusted house price growth in these 25 cities accelerated in the last four quarters, which we consider unsustainable,” the bank stated.
Sydney featured 16th on the bank’s list of 25 “overvalued” cities in terms of property prices. It was higher than New York, Boston and Singapore.
Lawless said the end of mortgage holidays and the JobKeeper subsidy and slashed JobSeeker payments posed significant headwinds for the property sector, saying it was “logical to assume” that a rise in distressed borrowers would soon ensue.
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