What property downturn? See inside the UNRENOVATED Mosman house that just sold for an eye watering $14.5 million!
EXCLUSIVE by ANNA USHER.
It has slate flooring, vertical blinds and apricot pink fittings – but the dated 1980s décor did nothing to deter keen buyers this week, who fought for the chance to join Mosman’s exclusive “Golden Mile” club.
And despite its time-warp kitchen, dark rooms with heavy drapery and a laundry featuring mission brown tiles, the 4-bedroom house still fetched massive money at auction.
$14.5 million to be precise.
The unrenovated residence at 22c Burran Ave defied all expectations, with four registered bidders battling it out, in front of a stunned crowd at the Belle Property Mosman auction.
“Two of the bidders just went for it – and we were incredibly surprised at the way it played out,” listing agent Tim Foote said.
“Bidding started at $8 million and quickly climbed.
“We had 44 bids – with an end price of $14.5 million – it was a brilliant outcome,” Mr. Foote said.
Despite the real estate downturn, Mr. Foote said the top end of the market remains “solid”, with a number of ultra-luxury Mosman homes still fetching big money.
“The downturn has been driven largely by the banks, and that doesn’t impact the upper end of the market,” he said.
“People buying multi-million-dollar properties have done well in business and they are happy to invest in premium homes.
“Local and Chinese purchasers are still very active and Belle Property Mosman has a list of buyers looking to purchase homes worth more than $10 million.
“That being said, $14.5 million for an unrenovated house is big money.”
The new owners intend to refurbish the tired interiors of the double storey home, which still contains ancient home appliances; including an original microwave oven, a clunky intercom system – and a huge bar that sits in the middle of the living room.
Then there’s the built-in fridge that’s clearly seen better days - and a “butlers pantry” hiding behind laminex bi-fold doors.
The main bathroom boasts 1980s gold fittings, with an opulent corner spa bath, toilet - and bidet.
But look beyond the faux flowers, glass bricks and wood panelled ceiling and you’ll discover why this old-school residence achieved top dollar.
“The view is like nothing I’ve ever seen before,” Tim Foote said.
“There is literally nothing in front of you – just a 180-degree panorama through the heads, it really is incredible.”