This article is from the Australian Property Journal archive
A LOCAL buyer has picked up an Elizabeth Bay penthouse for $5.425 million, winning out from interest UK and New Zealand-based parties.
Ray White’s Ian Campbell and Tristan Bassey sold the harbourside Penthouse 1 at 108 Elizabeth Bay Road. It been marketed with price guide of $5 million.
There were seven registered bidders at the auction, but two active bidders ultimately vied for the property which had been put to the market for the first time in 50 years.
“We had 115 groups through the property during its campaign and the auction had some very spirited bidding which demonstrates that there’s plenty of interest in high end property, especially if they need some work,” Campbell said. “It appears buyers who don’t need finance are the ones in the best position to buy right now.”
The penthouse offers 270-degree views of the Sydney harbour and occupies a half level at the northern end of Oceana, standing on the most northern point of the Elizabeth Bay peninsula.
Oceana is a block of 55 owner-occupied apartments.
Australian Property Journal
