A four-bedroom Stanmore terrace that agents described as unlivable sold under the hammer for $2.52 million on Saturday, well above its $2.2 million guide. Five bidders registered and three were active during the auction. Domain recorded a preliminary Sydney clearance rate of 45 per cent from 490 reported results, with 184 auctions withdrawn. In Epping, a five-bedroom house sold for $3,419,168, while in Allambie Heights a three-bedroom house sold at its $2 million guide but below its reserve. LJ Hooker's Mathew Tiller said buyers and sellers were sitting on the fence.
A first home buyer paid $1,305,000 for a two-bedroom apartment in Alexandria on Saturday, $55,000 above the reserve. The converted warehouse unit at 2/145 Belmont Street drew five active bidders. The new owner, who has been renting locally, said cooling market conditions gave him confidence to wait before buying. In Mosman, a five-bedroom home in Beauty Point passed in at $9.85 million after a vendor bid. In Huntleys Cove, a ground floor apartment sold for $1.97 million, $20,000 above its reserve.
The owner of Akuna, a Point Piper waterfront home in Sydney, has listed it for $55 million. He bought the property for $60 million three years ago. The home has a rare Chinese-style boathouse, a deepwater jetty and a harbourside pool. Agent Steven Chen says the owner is realistic about the price. The house has five bedrooms, a 758 square metre block and approved plans for an extra level and a lift.
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Sydney's median house price fell 4.7 per cent over the three months to September, to $1,661,167, the steepest quarterly fall in four years, according to Domain. Unit prices also dropped, by 3 per cent to $820,890. Domain economist Nicola Powell said the downturn has spread across regions and property types and is expected to continue. Higher interest rates, cost-of-living pressures and weaker auction results have shifted negotiating power towards buyers. The Central Coast was the only Sydney region where house prices rose over the year.
A man whose parents rented a Mona Vale beach cottage when he was a child has bought the house at auction for $4.5 million. The three-bedroom home at 78 Surfview Road sold under the hammer after the buyer's early offers were rejected. The buyer said he had huge memories of the house and called it his dream home. In Bronte, an oceanfront home at 522-524 Bronte Road sold for $25.2 million to an owner-occupier. Preliminary data showed a Sydney auction clearance rate of 52 per cent for the week.
A fire-damaged three-bedroom home at 19 Robertson Street, Merrylands, sold for $1.061m at auction, above its $1.050m reserve, despite buyers being unable to enter the property. Six bidders registered, with two active in the bidding. Auctioneer Ben Mitchell said registrations across Sydney have fallen, with many homes passing in. Agent Soon Tee said the 682 square metre block drew buyers, and the successful buyer plans to build a house and granny flat. In Randwick and Bronte, two other homes also sold above their price guides or reserves.
Realestate.com.au modelling projects that Sydney houses priced under $1m will almost disappear from the market by the 2030s. Prices are expected to bottom out in the second half of 2027 before rising again. By 2031, no Sydney basin suburb would have a median house price under $1m, while about half the city would average above $2m. Economist Angus Moore said outer suburbs were likely to see continued price pressure, partly due to remote working and investor interest. Median unit prices, by contrast, are expected to stay below $1m in about half of Sydney areas in 2031.
Home buyers in Sydney need a much higher income than last year, even as house prices fall. Canstar analysis of realestate.com.au figures found a typical Sydney house now requires a pre-tax income of close to $250,000 a year. Buying a median priced unit with a 20 per cent deposit requires about $140,000 a year. Both figures rose well above average wage growth of 3.5 per cent. Canstar said borrowing costs have risen faster than property values have fallen.
Five period homes across Sydney are currently listed for sale, each offering original architectural features. Balmain East's Kaikoura, built around 1840, has views of Sydney Harbour and the Sydney Harbour Bridge from three levels. Avalon Beach's Leontine, a late-1930s Spanish Colonial residence, sits on about 1636 square metres with a 14.5 metre pool. In Gordon, Stoneyhurst, built in 1890, was once the Love family estate and has not been offered for more than 70 years. Turramurra and Bayview properties feature ornate ceilings, fireplaces and timber floors, plus modern kitchens and pools.
