Kangaroo Point property sells for $2,000,000 over reserve

Waterfront living: Imagine waking up to a view like this. Picture: McGrath St George
Waterfront living: Imagine waking up to a view like this. Picture: McGrath St George

A Kangaroo Point property fetched a street record at auction on the weekend when bidders gathered on online meeting platform Zoom to place their bids for the "magnificent" waterfront home.

The four-bedroom, six-bathroom property at 7 St Lukes Way sold for $6,151,000, almost $2 million over the $4.2 million reserve, in a "phenomenal result", according to the agent.

McGrath St George agent Hayden Duncan said: "We knew we had deep interest in the home but clearly the result took us by surprise. It got there very slowly - those buyers just decided they wanted it and wouldn't let go."

The opening bid for the home - which initially had a price guide of $3.8 million - was $4.2 million and a total of 274 bids were taken over 50 minutes via Zoom. There were 19 registered and five active bidders.

The buyers were from the Inner West, bidding for the property after inspecting it only once.

Two other families, one local to the shire and another from the Inner West, competed to take the price higher.

Mr Duncan said the property was an "unusual find" when it went on the market last month, as it was on a completely flat block boarding the Georges River.

It offered six car spaces, gated security, an internal lift, "magnificent outdoor entertaining areas" and views that were "something else", according to Mr Duncan.

The covered entertainers' terrace opened up to a secure heated pool area with a slippery slide and deck and the new owners would be able to walk from the kitchen right out to the water's edge.

"Kangaroo Point is a hidden gem," said Mr Duncan.

"We're seeing a trend of buyers moving south for a better lifestyle."

As for conducting the auction over Zoom, he said it didn't phase bidders.

"It's a format buyers have warmed to quickly," Mr Duncan said.