A Vaucluse mansion with pool and harbour views has sold for $11.5m, $1.6m less than the $13.1m that it was bought for six months ago.
Last Friday’s off-market sale of the five-bedroom, four-bathroom residence on a 670sqm block with double garage at 7 Dalley Ave is the talk of Double Bay agents, some wondering if it’s an ominous sign of the future.
Buyer’s agent Simon Cohen, who snapped up the bargain for a local family, said his clients were “stoked”.
“It’s an amazing house … that’s a big price drop,” Cohen said.
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“We are getting great deals at the moment, definitely, and it’s our job to find the opportunities and to pounce on it for our clients.
“If vendors are greedy, they are not going to sell.”
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Although the high-end market operates differently than the general market, with many not requiring mortgages, experts agree that the constant interest rate hikes impact on sentiment.
And some will need to sell.
Cohen says: “I reckon by the end of the year, defnitely, we’ll see a lot more deals like this.”
However, Ben Cassen of Ballard, who wasn’t the one to reveal the $11.5m result, says this sale isn’t a true reflection of the current prestige market, insisting it’s a “one-off”.
“I don’t think at this level the market has dropped — this was a one-off where the owner had a change of mind on the property and wanted a quick getaway.”
The owners, who he didn’t want to discuss, had started to renovate the property and it was “half a building site … they changed the way they wanted to go, it was no longer needed and they were after a quick deal.”
Property records show the $13.1m sale was achieved at auction last September via the Sotheby’s managing director, Michael Pallier.
The records indicate the home was owned by a company linked to Cindy Gilbert and Katherine Gorman.
Gilbert and her husband, Danny, are the co-founders of Footwear Chain Hype DC. They sold their Kangaroo Valley escape, Camp David, in 2021, for $4.3m after almost a year on the market.
The Gilberts, who sold Hype DC in 2016 for $100m, bought the property a decade earlier for $1,575,000.
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Story Credit: news.com.au