$3.1m for renovator's dream on water

An expatriate family living in London snared Sydney's most expensive auction offering at the weekend, paying $3.13 million for a knockdown harbourfront reserve Clifton Gardens house.

It sold under ANZ Bank mortgagee instructions, 12 per cent over its $2.77 million purchase in 2005. The neglected 1950s two-storey Iluka Road house is on a 727 square-metre block affected by a stormwater easement.

The highest offer during marketing last December was $2.6 million and the First National selling agent Jerome Lehanneur said the sale signalled a turning point for the Mosman residential market, which has had a 30 per cent clearance rate over the past six months.

At Victoria Park, Zetland, another mortgagee, the Bendigo and Adelaide Bank offloaded a two-bedroom unit for $485,000. It had been bought for $630,000 off the plan in 2002. There was just one registered bidder at the auction of the ninth-floor unit.

Agents sold 72 per cent of the 268 weekend listings, Australian Property Monitors said. Yagoona was the busiest suburb. Three of its six listings sold for between $376,000 and $660,000.