THIS blue-chip penthouse in Elizabeth Bay last night sold under the hammer for the first time in 50 years for $5.425M through marketing agents - Ray White Elizabeth Bay principal Ian Campbell and Ray White Elizabeth Bay agent Tristan Bassey.
Mr Campbell said there had been strong interest in 1/108 Elizabeth Bay Rd from expats in the UK and New Zealand for this three bedroom penthouse which ended up selling to local buyers at a price well in excess of its reserve.
Ray White’s auction data shows there were seven bidders but two active bidders who were vying for the property in front of 50 people at the public auction in Potts Point.
With Ray White NSW Blue CEO Jason Andrew working as auctioneer, the auction opened at $4.4M and quickly jumped in $50K and $25K increments until it was sold under auction conditions at $5.425M.
“We had 115 groups through the property during its campaign and the auction had some very spirited bidding which demonstrates that there’s plenty of interest in high end property, especially if they need some work,” Mr Campbell said. “It appears buyers who don’t need finance are the ones in the best position to buy right now.”
The property, which had a price guide of $5M, occupies a half level at the prized northern end of Oceana, a landmark waterfront building standing on the most northern point of the Elizabeth Bay peninsula, one of Sydney’s best harbour vantage points. Mr Campbell said the penthouse, in a block of 55 owner-occupied apartments, offered transformation opportunities. “Being a restricted company title building, current residents genuinely appreciate where they’re living,” he said.
