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Melbourne-based Rabobank chairman Bill Gurry has cashed in on Sydney’s booming apartment market, selling his Darling Point apartment for $5.6 million.
Bill Gurry, AO. Photo: Eric Jonasson.
The bullish result offered a $1.5 million windfall over the $4.1 million reserve at Wednesday night’s auction.
Selling agent Paul Kantor, of Richardson & Wrench Double Bay, said the buyer had only inspected it once, having flown out from Singapore last weekend, and had a representative in the room to secure the winning bid.
Gurry, AO, bought the four-bedroom spread in the 1940s-built Storington building as his Sydney base in 2005 for $2.15 million.
5/57 Yarranabbe Road, Darling Point. Photo: Mitch Cameron Photography
As Sydney’s median property values have skyrocketed in recent years, the east’s luxury apartment market has proved one of Sydney’s best performing markets given the lack of stock on offer for the many local downsizers.
Gurry’s $6.5 million sale price matches the suburb’s median property price for 2016, up from $3.5 million in 2005 when he bought it.
Gurry is based in Melbourne’s exclusive South Yarra, but recently bought a weekender retreat in Victoria’s Mornington Peninsula.
The four-bedroom apartment is in the 1940s-built Storington building. Photo: Mitch Cameron Photography
In 2015 he sold his Victorian country property Larnoo for about $12 million.