Hunters Hill ‘slow start’ home sells after $18m bid opens
A house in Sydney’s Lower North Shore has won the title of the weekend’s biggest auction
Receipt of an opening offer of $18 million, 3 Mayfield Avenue in Woolwich auctioned off in 45 minutes to a family on the town’s foreshore who had been looking for a property for almost a year.
The seller is believed to be professional bettor Lincoln Holgate, with buyer’s agent Paul Cavarra of Mayfield Property Buyers revealed to be the underbidder.
The winning bid went to another buyer’s agent for less than $100,000 more than the previous bid, securing the property.
There were three bidders in total, with the successful buyer’s agent keeping the final price secret despite the parties agreeing to a public auction on Friday evening.
The Woolwich property was not sold last year when there was a $23-25 million guide under another agent.
Listed this year via McGrath agent Tracey Dixon and auctioned by John McGrath, the sale is believed to be the most expensive property sold under the hammer on the Woolwich Peninsula/Hunters Hill.
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“The auction is a major unknown factor, we had about three or four interested parties – two of them came with buyer advocates,” Ms Dixon said.
“It was a slow start with the $18 million bid, but the winning third pushed it over the line for a fair and good result.”
Ms Dixon said interested parties were drawn to the property’s wide frontage and world-class boating facilities, which included a private boathouse, pontoon and large boat paddock.
The property is located in a rare and well-kept area in the local prime cul-de-sac which has also added to its appeal.
“Properties like this that fetch a higher price are more limited than in previous years. Woolwich and Hunter’s Hill more broadly are small suburbs with less than 1,000 homes available.
“As a result, we are seeing incredibly high demand and homes purchased just a few years ago have seen exceptional growth.”
Despite the changing market, the demographics of homes such as 3 Mayfield Ave have remained the same – upsizers who live nearby or hail from Sydney’s Inner West are increasingly making their presence known.
Median house prices in Hunters Hill have continued to rise over the past year, with numbers jumping 8.9%. It now costs $4.14 million to buy a home in the area at the median price.
Originally published as Hunters Hill ‘slow start’ home sells after $18m bid opens