Millions over reserve: family score epic auction win

It was the home of jewellery designer Kylie Hinds, founder of Not Heidi, and her family, who had built the house on Wolseley Rd in the late 2000s.

Selling agent Bethwyn Richards of The Agency would not disclose the reserve price, but confirmed it was under $11m.

The $13.1m price was a new record for a home sale in Coogee. It was a higher price than expected, but Ms Richards said she had been prepared for strong bidder competition.

“We had seven registered bidders. They all thought the property was magnificent,” she said.

Auctioneer Jake Moore of Cooley Auctions said none of the bidders wanted to let the property go as they saw it as one of a kind.

“People had clearly fallen in love with it,” he said, adding that the designer home metres from the Bondi to Coogee coastal walk was in a category of its own for design and function.

An opening bid of $10.25m came in immediately after Mr Moore launched proceedings. A few bids followed, before the bidding picked up pace at the $10.5m mark.

The property was described as one of a kind.

Most of the offers were in mixes of $100,000 and $200,000 increments and came in quick succession.

Bidding only slowed down by the $13m mark, by which point Mr Moore, who had to call out every bid, could be seen catching his breath.

Mr Richards said the property would have sold well regardless of whether it was a strong or weak market.

“There are people who have been trying for years to get houses like this and there is always a lack of this kind of stock, irrespective of changes in the (market) climate or who is in government,” she said.

Sydney, Australia, NewsWire Saturday, 28 May 2022 People pictured at the auction of 16 Wolseley Rd, Coogee. Picture: NewsWire / Monique Harmer