23 Derby St, Vaucluse sold for $15m — a street record — at auction.
As the spring listings mount, it takes a certain “magic” to get the deal done says one gun agent, who’s revealed how he’s sold nearly $50m worth of property in just two weeks.
With just over half the homes put under the hammer selling either before or on the big day in the east — 52 per cent clearance rate over the past week according to PropTrack — auctions are increasingly a challenge.
Yet TRG founder Gavin Rubinstein says the secret is being honest with your buyers and sellers about expectations.
“I’m not finding it tough — you have to have tough conversations with your clients and the buyers and be extremely transparent,” Rubinstein says.
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“There is a deep stream of buyers around which if you run the process correctly you can tap into and, if you do, it creates competitive tension.
“That’s where the magic happens.”
Rubinstein’s list of sales included three homes that sold for above expectations at auction.
One was a former Wentworth Courier House of the Week, 23 Derby St, Vaucluse, sold alongside colleague Evan Cheung, that fetched $15m — a street record.
46A Balfour Rd, Bellevue Hill sold for $6.54m.
The result was a record for a semi in the street.
Auctioneer Damien Cooley had four register with two active for the modern five-bedroom residence with iconic views. The guide had been $14m.
It last traded for $8,103,888 in 2017 and the vendors don’t appear to have renovated.
The buyers, a local family, were represented by buyer’s agent Simon Cohen, who has his own property on the market this spring.
1 Yamba Rd, Bellevue Hill sold for $9.85m.
There were two registered who were both active.
Also on Rubinstein’s list: a six-bedroom home at 46A Balfour Rd, Bellevue Hill, again with Cheung, sold for $6.54m — a semi record for the street — against a guide of $5m-$5.5m.
There were seven registered with five active.
A barrister’s home sold for $12m.
It had previously traded for $5m in 2020, with just a few internal renos done since.
And a six-bedroom home at 1 Yamba Rd, Bellevue Hill, with Patrick Cosgrove, achieved $9.85m, with two registered who were both active.
The other two sales were off-market, including the Bellevue Rd, Bellevue Hill four-bedroom home of a barrister and his wife for $12m and another in Elizabeth Bay for $4.5m with Adam Regan.
The barrister had bought the home on a 673sqm block for $5m in 2020 and only done a few internal renos. It was listed on the Friday and sold a few days later, with 35 people inspecting it.
English (US) · 