Tamarama beachfront plummets $9 million in forced property sale
An oceanfront Tamarama property was worth $29.2 million in 2022. It resold for $20.25 million in a mortgagee-in-possession sale.
An oceanfront Tamarama property that sold for $29.2 million in 2022 resold for $20.25 million on Saturday in a mortgagee-in-possession sale, a loss of nearly $9 million. The home at 9 Kenneth Street overlooks the famous Bondi to Bronte coastal walk.
There is no road between it and the ocean, making it rare in the eastern suburbs. The property belonged to hotelier Diane Maloney, whose corporate entity now operates under external administration.
The property was set up as five apartments and a standalone beach shack. Three bidders competed, and a Strathfield family won at auction.
The sale shows broader market weakness. By Saturday evening, Sydney's preliminary auction clearance rate was 51 per cent.
This was well below the 60 per cent threshold for a balanced market.
- $9 million
- Loss
- $29.2 million
- 2022 sale price
- $20.25 million
- 2026 resale price
- 51 per cent
- Clearance rate
Why it mattersLuxury property prices in Sydney are falling sharply. This shows weakness in the high-end market despite overall housing demand.
AustraliaSydney's premium waterfront suburbs show signs of weakness; the market is cooling even at prices above $20 million.
✓ Claims checked against the source and corrected before publish. checked 45 min ago
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