Price expectations have dropped for the luxury Vaucluse home owned by Australian cricket legend Michael Clarke, with its veteran agent admitting: “The market is tough.”
Price expectations have dropped for the luxury Vaucluse home owned by Australian cricket legend Michael Clarke, with its veteran agent admitting: “The market is tough.”
When the property first went up for sale in November last year, Highland Double Bay’s Bill Malouf, who has seen plenty of challenging markets over close to four decades, said: “It will have a two in front of it.”
But whereas above $20m looked a certainty back then, now he’s saying the five-bedroom residence with pool at 51 Olola Ave, Vaucluse needs to be above $18m.
“There has been an adjustment,” Mr Malouf said Friday.
“It’s ridiculous what’s happening in the world, fuel prices going through the roof and Trump thinking he’s king of the world.
“I heard this morning that Americans are wanting to move to New Zealand.”
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The property went on the market last November with expectations above $20m.
Clarke has done a reno since purchasing it for $13.01m in 2021.
Malouf says a recent comparable was a five-bedroom home with pool at 1 Burrabirra Ave that sold for $18m recently via Paul Biller of Biller Property and Ben Torban.
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“Olola Ave is better than that,” Malouf said. He shares the listing with son and fellow Highland Double Bay Malouf director David Malouf, and Steven Chen of The Agency.
Torban advised that his Burrabirra sale had been “a great result”, saying: “We had a lot of competition on that house and it sold to locals.”
The guide had been $16m, so a strong result.
But agents across Sydney say that generally the market has been challenging ever since the February interest rate rise. Then rates rose again on March 17.
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The home has multiple entertainment areas.
It opens to the terrace and pool.
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Raine and Horne Double Bay principal Ric Serrao, another eastern suburbs principal with decades of experience, said the market had been particularly challenging in the past three weeks.
“There’s so much uncertainty out there,” he said.
“There are deals being done, but by motivated sellers meeting the market.
“Buyers are making lowball offers.”
He said that would-be vendors are deciding to delay listing.
“They’re thinking they’re not going to get a fair or decent price,” Serrao said.
“There are going to be some good opportunities for buyers over the next few months, at least until we know what’s in the May Budget.”
But as with all markets, the opportunity for buyers will be shortlived.
“Things will tighten up and prices will start rising again,” he said.
Clarke’s Olola Ave home has had a renovation since his 2021 purchase.
It’s on 784 sqm and features heated limestone floors, casual and formal living and dining zones, an updated Mediterranean-style kitchen, a master with deluxe ensuite and private terrace, a study, pool and gym.
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