A hotly contested auction for a Mosman deceased estate ended with a local resident outbidding six other hopeful buyers, paying $16.1 million for what agents describe as a likely “knockdown” property.
The three-bedroom house at 13 Stanley Avenue, situated on the prestigious Balmoral slopes, attracted significant interest primarily due to its elevated position offering uninterrupted ocean views. The property had remained in the same family for 65 years before coming to market.
Despite rainy conditions, four Mosman locals participated in the indoor auction where bidding opened at $10 million. The price quickly exceeded the $11.5 million reserve—a figure aligned with comparable sales in the area. As the auction progressed, bid increments ranged from $500,000 down to $100,000, with the final two buyers exchanging $100,000 bids until the hammer fell at $16.1 million.
“We didn’t have much guidance because the property was always going to be sold [at auction],” said selling agent Adrian Bridges of Atlas Lower North Shore.
The property’s value lies primarily in its location rather than the existing structure, with Bridges noting it was “probably a knockdown.” Buyers showed remarkable confidence investing in Stanley Avenue, which currently holds the Balmoral price record of $33 million.
“This will ultimately become a trophy home,” Bridges explained. “For this one to sell at this level speaks to the buyer’s confidence that a finished product is going to be up in the sort of $30 to $40 million range.”
The auction was part of a busy week in Sydney’s property market, with 1402 properties scheduled for auction. Domain Group reported a preliminary auction clearance rate of 66 percent from 848 reported results, with 187 auctions withdrawn.
Published 31-March-2025
