5m wide house sells for $10.5m

PHOTO: 71 Stuart Street Manly NSW 2095. DOMAIN

The beachside house sold for millions over its reserve, achieving the eye-watering price despite the heat coming out of the housing market.

A Sydney home has sold for an eye-watering $10.5 million despite being just five metres wide.

The sale of the beachside home also smashed through the auction reserve climbing $4.5 million above what the owners were happy to take.

The three-bedroom home, which is based in one of Sydney’s most popular beachside suburbs in Manly, saw three bidders competing to win the property.

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Despite the home’s smaller dimensions, it boasted “breathtaking panorama” views over the harbour, Little Manly beach and city skyline, the real estate ad said.

“Watch the ferry’s and cruise ships float by as well as occasional city fireworks,” it said.

“The sunsets are breathtaking and waves lapping the beach serenade by night.”

The house included open floor entertaining, a glass atrium, gas fireplace and floor to ceiling glass frames to enjoy the views.

The Manly house is only 5 metres wide but sold for an eye-watering price. Picture: REA

The house boasted breathtaking views according to the real estate ad. Picture: REA

The main bedroom downstairs includes a walk-in robe, ensuite and water-view terrace. Picture: REA

It also featured a 273-bottle wine rack, auto triple lock up garage with space for gym or beach-craft storage, tallowwood flooring and ducted heating.

“Nicely elevated and recessed so that it is private from the street, it is nestled at the base of Manly’s exclusive Eastern Hill within footsteps of picturesque Little Manly Beach and harbourside parkland with Manly’s cosmopolitan lifestyle hub only a short breath away,” said the ad.

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The house went to auction on Saturday with a $6 million reserve where five people registered to bid – with the winner placing a whopping $100,000 final bid to score the place. It was purchased by a local looking to upgrade from an apartment.

The owners had lived in their Manly home for 15 years, purchasing it back in November 2005 for $2.2 million, but were downsizing.

It’s a 10 minute stroll to Manly’ thriving village, eateries, wharf and Ocean Beach. Picture: REA

It was footsteps to Little Manly Beach with netted pool, boat ramp and Ripples Cafe. Picture: REA

It had an open floor entertaining area. Picture: REA

Selling agent Mark Skeens from Stone Real Estate Manly said the property stood out due to its location.

“In general, the market’s come off in the last 10 months, but the top end of Manly is still doing really, really well,” he told Domain.

The sale was well above the median house price in Manly, which sits at $4 million, according to REA, based on 43 sales in the past 12 months — a decrease in house prices of 12 per cent.

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Australia’s property market has experienced a slight upturn amid skyrocketing interest rates and continuous price falls over the past 12 months, according to the PropTrack Home Price Index released earlier this month.

It found Sydney house prices had crept up by 0.36 per cent in February but were still down by 6.64 per cent annually.