A generous dad has splashed out to gift his daughter a $6.95million luxury home in one of ‘s most expensive suburbs.
The three-storey Bonus Street property at North Bondi, in Sydney’s affluent eastern suburbs, was sold at auction on Saturday.
The Darling Point resident placed the winning bid for the four-bedroom home, which went under the hammer for just under the $7million reserve.
He fended off stiff competition from a family relocating to after bidding began at $6.7million.
Despite snaring the sought-after home, he is set to hand the keys to the property to his daughter.
The woman and her family of four are set to make the most of the custom home office and separate living zones.
Alexander Phillips from real estate agency PPD Real Estate told Domain the property was ‘not a bad present’.
He added that the winning buyers were attracted to the custom office spaces and larger living rooms.
The home also includes three bathrooms, a basement home cinema, media room and spaces for two cars, with the dwelling sitting on a 327 square metre plot of land.
Located in a quiet cul-de-sac, the spacious property also boasts an alfresco dining area equipped a built-in barbecue overlooking the pool for entertaining guests.
The property, which was first built in 1930, was last sold in 2007 for $1.48million according to property records.
The home was among a 912 auctions that were scheduled across Sydney on Saturday.
The median price for a home in Sydney is currently $1,429,000 after the price grew slightly in August by 0.3 per cent according to figures from Prop Track.
The median value of units in the harbour city is currently $819,000. Sydney remains the most expensive place to buy a home in .
There has been little relief for homeowners after the Reserve Bank left interest rates on hold 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, putting it even further above the Reserve Bank’s 2 to 3 per cent target.