Top office clears 73% under the hammer

SOME of the best blue chip addresses in Sydney sold for a combined $42M under the hammer last night at powerhouse agency Ray White Double Bay’s standing room only packed auction in-rooms.

Onlookers spilled onto New South Head Road, as more than 19 registered bidders turned up to vy for the 11 lots of luxury property, of which eight sold on the day under the hammer to boast an enviable 73 per cent clearance rate.

The top sale of the night was 48 Kambala Road, Bellevue Hill (pictured above) which sold less than 15 minutes after it was passed in for a price believed to be circa $10M to a local family.

Ray White Double Bay sales agent Ashley Bierman said it was obvious there were micro markets within every "market" that outperform.

“As the broader market may have shown signs of change, Bellevue Hill is certainly showing its resilience as are so many parts of the eastern suburbs. When you have a quality home like 48 Kamabla Road offered that presents as an aspirational family home, you will always have spirited competition,” Mr Bierman said.

“For families these emotional assets are as hard to find as they are to let go of."

Ray White Double Bay Managing Director Elliott Placks said the high end property market was still strong as clearly demonstrated with this busy auction with action on every lot.

“We had strong competitive bidding on every single one of our lots last night. I’ve no doubt the final three lots will be sold in next few days,” he said.

“We believe in auctions, and we know they create the best competition for our vendors. We have buyers here in every price bracket, so people shouldn’t be worried that there’s no buyers right now.

“Top properties will always sell, it’s just a matter of how much and how fast. Our days on market is a bit higher than it was 18 months ago but stock is still moving and selling.”

Gavin Rubinstein, Director of The Rubinstein Group at Ray White Double Bay, and leading agent in the Ray White Group sold five of the eight properties yesterday worth $24M alone.

“Across these five lots we had over 250 groups through the properties and on the day, we had multiple bidders on each lot,” Mr Rubinstein said.

“When vendors are realistic about their expectations, trust the processes of the agent and buyers see value, this is when a premium result is achieved,“ Mr Rubinstein said.

“Interest from local buyers and shortage of quality properties is still underpinning the market."