An architecturally designed East Lindfield house sold to a young family for $3,796,000 at auction on Saturday, smashing its reserve by almost $600,000.
The five-bedroom, four-bathroom Michael Dysart-designed property at 21 Karoo Avenue had a guide and reserve of $3.2 million.
Three out of five registered bidders raised the price in increments of $100,000 down to $1000 after the auction opened at $2.5 million. The parties included a young family, a developer and an out-of-area homeowner.
“The developer dropped out of the race at $3.2 million, and it was then down to the family and out-of-area homeowner, who both loved the property’s architecture. The buyers will restore the home, which has made the vendor happy,” said Jessica Cao of Ray White Upper North Shore.
The vendor has moved into a nursing home. The auction was one of 838 scheduled in Sydney on Saturday.
Michael Dysart was appointed a Member of the Order of Australia in 2013 for significant service to architecture. His 1970s residential designs are known for their split-level layout, exposed beams and timber decks.
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Cao said it is rare to find an architecturally designed property in East Lindfield that has a pool and harbour views.
“There are probably only 20 houses in the suburb that have water views. Karoo Avenue is also very tightly held.”