Brief
Downsizer pays $12.12 million for Bronte house at auction
The sale exceeded the reserve price and highlights strong demand for high‑end homes despite a softening Sydney market.
By Felo News Desk · Published
A local downsizer paid $12.12 million for a five‑bedroom house at 160 D Macpherson Street, Bronte, on Saturday, $870,000 above the reserve price, according to the Sydney Morning Herald.
What happened
The property, featuring updated interiors, a north‑facing aspect, beach views and a Caesarstone kitchen, went to auction with three registered bidders, two of whom participated. Bidding opened at $10 million, rose in $250,000 increments before switching to $100,000 steps, and eventually surpassed the $10.5 million guide price and the $11.25 million reserve. When the price approached $12 million, increments narrowed until the hammer fell at $12.12 million.
What the report adds
The sale was one of 845 auctions scheduled in Sydney that week, with Domain reporting a preliminary clearance rate of 52 percent from 501 results, up from a low‑year‑to‑date 46 percent the previous week. The article notes that 154 auctions were withdrawn, which are counted as unsold when calculating the rate. It also points out that the market remains below the 60 percent threshold that would signal a balanced buyer‑seller environment.
What was said
Ray White (Phillips & Co) selling agent David Tyrrell told the outlet, “We are definitely running a lot more auctions… The majority are selling at the guided price, maybe just above. For it to smash the reserve like this was an exceptional result.” He added that the market had softened quickly over the last three months, estimating a roughly 10 percent change, but that “people are still downsizing, moving, upgrading in our area.” Tyrrell also said low volume of homes in this price range meant upcoming listings would likely be among the last to go to auction this year.
How it came about
The vendors, who have lived in the suburb for more than three decades, are also downsizing and hope to stay locally. The house last sold for $1.12 million in 1994, illustrating a substantial appreciation over 32 years. Earlier this month, Felo News reported a similar downsizer purchase in Abbotsford, where a reserve cut helped clinch a $2.35 million sale, underscoring a pattern of downsizers targeting premium eastern‑suburb properties despite broader market softness.
Key facts
- The Bronte house sold for $12.12 million, $870,000 above reserve. (smh.com.au)
- Bidding started at $10 million and rose in $250,000 and $100,000 increments. (smh.com.au)
- Domain’s preliminary auction clearance rate for the week was 52 percent. (smh.com.au)
- Three parties registered for the auction; two participated. (smh.com.au)
- The property last sold for $1.12 million in 1994. (smh.com.au)
Sources
- [1] smh.com.au — originally reported as “Sydney auctions: Downsizer pays $12.12m for updated Bronte house”
