A generous father has splashed out on a luxury home worth $6.95 million for his daughter in one of Australia’s most expensive suburbs.
The three-storey Bonus Street property in North Bondi, in Sydney’s wealthy eastern suburbs, was sold at auction on Saturday.
The Darling Point resident submitted the winning bid for the four-bedroom home, which sold for just under the $7 million reserve.
She fended off stiff competition from a family who moved to Australia after bidding started at $6.7 million.
Despite getting the coveted house, he is willing to hand over the keys to the property to his daughter.
The woman and her family of four are keen to make the most of the custom home office and separate living areas.
Alexander Phillips of PPD Real Estate said Domain The property “was not a bad gift.”
He added that winning buyers were drawn to the custom office spaces and larger living rooms.
The Darling Point man made the winning bid on the four-bedroom home (pictured), which had a reserve price of $7 million.
The spacious living spaces were a big draw for the successful bidder, who will hand over the keys to his daughter.
The home also includes three bathrooms, a basement cinema, a media room and spaces for two cars, and the home sits on a 327-square-metre plot.
Located on a quiet cul-de-sac, the spacious property also features an outdoor dining area equipped with a built-in barbecue overlooking the pool for entertaining guests.
The property, which was first built in 1930, last sold in 2007 for $1.48 million, according to property records.
The house was among some 912 auctions scheduled in Sydney on Saturday.
The median house price in Sydney is currently $1,429,000 after prices rose slightly in August by 0.3 per cent according to Prop Track figures.
The house (pictured) also includes three bathrooms and spaces for two cars, and the home sits on a 327-square-meter lot.
The median home value in the port city is currently $819,000. Sydney remains the most expensive place to buy a home in Australia.
There was little relief for homeowners after the Reserve Bank left interest rates unchanged for the seventh consecutive time at 4.35 per cent, citing persistent inflation.
The consumer price index grew by 3.8 per cent in the year to June, still further above the Reserve Bank’s 2 to 3 per cent target.