Shock price for Rose Bay home in ‘buyer’s market’

9 Victory St, Rose Bay, with its Hills Hoist in the back yard, sold for $10.88m at auction last night.

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The auction sale Monday night of an original 1950s house offered for the first time in 60 years is the talk of Sydney’s east.

In a market where many homes are passing in and the Cooley auctioneers are now conceeding it’s “a buyer’s market”, the home fetched a whopping $10.88m — a lucky number in the Chinese culture.

The guide for 9 Victory St, Rose Bay, via sales agents, Michael Pallier and Pauline Goodyer of Sotheby’s, had been $10m and it was called onto the market at $10.05m which is understood to have been the reserve.

A result that’s $830k over reserve is good going in the current challenging environment.

Pallier had announced to the room that he had nine registered bidders.

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There are iconic views from the single-level home, both inside …

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… and out.

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“It’s one of the busiest auctions we’ve had for a while,” says the auctioneer Jake Moore of Cooleys, who had six active.

Bidding opened at $8m and rose in $250k increments to $10m; then $50ks and smaller amounts all the way to $10.88m.

The attraction had been the spectacular harbour views.

It’s likely the purchasers will either knock down the old four-bedroom home on a 674sqm north-facing block, or at least go up a level to make the most of the iconic view.

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It was a standout result.

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No doubt the purchasers will add a level, or knock down, the old home on its 674sqm block.

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Pallier had no comment on the vendors, though records show it’s been the longtime home of Annette Gett and her late husband Henry, who died in 2022.

Although a big result for the times, some at the auction speculated it may have sold for $12m in a stronger market.

Both Moore and Damien Cooley of Cooleys are now saying it’s a buyer’s market, perfect for upgraders.

Although you may sell your current apartment for $200k less than a few years ago, the semi you’re moving to may sell for $500k less.

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