Auctioneer Stuart Davies (right) and agent Michael Pallier at the auction of Woollahra home. Picture: David Swift
THE COVID-19 pandemic may have put a wrecking ball to the economy but the uncertain times failed to deter bidders from putting in multimillion-dollar offers for a historic Woollahra house.
The character-filled home on Harkness St with harbour views sold under the hammer for $5.71m after attracting 11 registered bidders at auction on Saturday.
The property was the home of John Lysaght, 91, who in the 1980s ran the now BHP subsidiary that makes Colorbond roofs and Zincalume steel.
MORE: Eight-year-old boy wins auction
Sydney’s most popular streets revealed
Mr Lysaght had lived at the home more than 30 years and was downsizing to Rose Bay. He watched the auction from within his car, wary of mingling with onlookers during the pandemic.
The home was well-presented but considered a “fixer upper” because of the scope for improvement.
His son Andrew said the family was delighted with the result. “It was more than we expected but you never know what’s going to happen at an auction,” the younger Mr Lysaght said.
“I was nervous about the auction about eight weeks ago. We weren’t really sure what direction the market was taking but it seems to be strong in the east.”
Selling agent Michael Pallier of Sydney Sotheby’s International said the $5.71m price was “what the house deserved” and well over reserve.
“It’s a fantastic location,” he said. “No one really knew exactly what the price would be prior to the auction because it is a unique property.”
A crowd of about 70 people were at the auction, spread across both sides of the street.
The guide was $4.5m and more than 30 groups requested contracts of sale for the property.
The buyer was understood to be an Indonesian businessman based in Bondi Junction, but he got his architect Simon Hanson, director of renowned firm Bureau SRH, to bid on his behalf. Mr Hanson said the plan was to redesign the circa 120-year-old home but the project was yet to be finalised.
“It’s an incredible location. We’re not sure what we’ll do but it won’t be much … we’ll find out what we’re working with once we take a closer look,” he said.
Eight of the 11 registered bidders put in offers but the auction was initially slow to get started.
Architect Simon Hanson from Bureau SRH Architecture is working with the winning bidders to develop the property.
Mr Hanson bid on his client’s behalf.
Auctioneer Stuart Davies received an opening bid of $3m about two minutes after launching proceedings and the bidders needed plenty of encouragement.
It was only when the bidding hit the $4m mark that a series of rapid-fire offers came in. “There is such good bidding. It’s a shame there can only be one winner,” Mr Davies said during the auction.
Mr Pallier said some bidders were holding their cards close to their chests but it was apparent they were prepared to spend big. “I have a theory about property,” he said. “People’s focus is on the home at the moment because they can’t go overseas and spend on (entertainment) so the market is strong.”
The post Former steel boss, 91, gets $5.71m at auction for historic Woollahra house appeared first on realestate.com.au.