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.”