$4m profit in two years Vaucluse designer mansion scores major $18m sale

A three storey mansion in Vaucluse has made an impressive $4m profit in two years after selling prior to auction over the weekend.

Four buyers were engaged in pre-auction negotiations of the property at 26 Olphert Ave, with an overseas buyer walking away victorious after paying $18m.

This eclipsed initial expectations that the mansion would sell for $16m and is $4m above the previous sale price recorded in 2021.

The mansion had undergone extensive renovations over the past few years, with the vendors stripping the property right back.

The sellers are a London family who are staying abroad due to work commitments; implementing Hamptons-style renovations throughout the property to add luxury to both its indoor and outdoor spaces.
Features of the property included an infra-red sauna, a cinema room, a games room, a wine cellar, and a gym.

There’s also a self contained one bedroom apartment in the property which has private access to the street.

Lead agent Adam Reichman from Ray White Double Bay said buyers had been attracted to the mansion’s finishes, its position overlooking the harbour, and the 942 sqm north to rear landholding.
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“It’s a fantastic result for a highly contested property, we’d seen 92 groups walking through the home throughout the campaign.

“It’s a well-built home that appeals to families and both local and overseas buyers.

“There aren’t many turnkey properties in Vaucluse on the market at the moment within this sort of category.”

There are six bedrooms in the house when you count the one in the self contained apartment for guests or an au pair, in addition to four bathrooms.

Situated 20 minutes from the CBD, it also features landscaped gardens, an integrated sound system and multiple outdoor entertainment spaces.

The median house price in Vaucluse has remained steady over the past 12 months, with the average home costing $8.375m to purchase.

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Originally published as ‘$4m profit in two years’ Vaucluse designer mansion scores major $18m sale

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