Gavin Rubinstein notched up more than $22 million worth of sales on his last auction night with Ray White Double Bay, including the sale of a Military Rd Dover Heights home that sold for $225,000 above the reserve price.
Mr Rubinstein, who is setting up his own office in Queen St Woollahra with the other five members of The Rubinstein Group, also had a post-auction sale tonight of more than $9.5 million for a second house in Dover Heights.
He and colleague Oliver Lavers had good interest in the five-bedroom, four-bathroom home in Military Rd that was owned by Robert Penaloza, the executive director and head of Australian Equities at Aberdeen Standard Investments.
So little wonder then that it went so far over reserve under the hammer, selling for $5,525,000 to a couple who have just sold their house at Cabarita in the inner west.
There’d been five registered, with three active and spirited bidding from $4.5 million in $100,000 increments initially.
The Dover Heights house that sold for more than $9.5 million a short time ago was owned by Dong Cai Chen and Junxiu Huang, who export Australian wine to China.
Their brand-new five-bedroom, four-bathroom home at 2 Raleigh St — a recent Wentworth Courier House of the Week — was an incredible home; like something you might see in Beverly Hills in Los Angeles.
There’d been four registered bidders at the auction with three competing from $9 million. It had passed in at $9.5 million.
Mr Rubinstein said it sold for over the level it passed in at but the actual price couldn’t be disclosed due to confidentiality agreements.
Two other properties that the Rubinstein Group had up on their final auction night with Ray White Double Bay sold prior: a six-bedroom home at 50 Fairfax Rd, Bellevue Hill, sold in the $4.5 million to $5 million range and a five-bedroom home at 20 Anglesea St Bondi sold for $2.6 million.
The only home that is yet to sell is the five-bedroom Cameron Kimber-designed home at 47 Olola Ave, Vaucluse, which passed in on a vendor bid of $6.5 million.
“I’ve already had offers above that and it’s a matter of days before I exchange on that,” Mr Rubinstein said.
He said that his sales are a reflection of a “severe lack of choice for buyers at the moment” in the markets that he mainly operates in: Bellevue Hill; Rose Bay; Vaucluse; Dover Heights; Double Bay: Bondi and surrounds.
“The Coalition’s election win contributes to sentiment but I believe the market is more related to supply and demand,” Mr Rubinstein said.
“Listings have been at an all time low and ulitmately that is underpinning the values and creating the competition.”
When asked why some homes weren’t fetching the dream prices some sellers wish for, Mr Rubinstein said: “There’s no question that vendors have had to be flexible in terms of creating a sale.
“But even in a boom market, the narrative is the same.”