Despite a slowing property market, a waterfront home in Sydney’s north has been snapped up in just three days – for more than $1.5m over the asking price.

Michael Coombs and John Melville of Atlas by LJ Hooker Lower North Shore officially launched the sales campaign for a contemporary four-bedroom residence at 33 Dorset Rd in Northbridge on Wednesday, but by Friday night the deal was done.

“We approached a few people a couple of days earlier from our exclusive database, but when we launched it on Wednesday it just went crazy,” Coombs said.

“I had eight contracts out and five offers in three days.”

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He added that the keen new owners are originally north shore locals who currently live overseas.

And although a Sydneywide price correction has been in play this year, the Dorset Rd property was listed with a $11.5 million price guide, but sold for “just over” $13m according to Coombs who said he could not reveal the exact price, but did confirm his office had sold $65m in real estate last week alone.

“Maybe a year ago we would’ve put this one on for $12m, but we put it on for $11.5m because we know there has to be a slight shift.,” Coombs said.

“We’ve got to change because the market has changed, but it’s certainly not the case of big losses for a lot of people.”

PropTrack data for October revealed Sydney’s median sale value is now -5.82 per cent below this time last year and is -6.28 per cent off its mid-pandemic peak.

The fall is in large part due to seven consecutive cash rate rises by the RBA, which has now put the standard variable rate for all “big four” banks over the 7 per cent mark.

Coombs said high demand and low supply for similar stock were behind the swift and fruitful sale of the Northbridge residence with interest rate changes playing little part

“There’s still such great demand for quality waterfronts and not enough stoc,” he said.

“The buyers are still there, their confidence might be down and some are sitting on the fence, but they’re still there.

“We’re getting huge inquiry and big numbers at open homes.

“What our team is doing is just rethinking our strategy and taking extra time with the buyers.”

Bought in 2001 for $2.3 million, the vendor, which records show is Soon Far Lim, rebuilt on the block in 2004 creating a cascading modern family home with all the bells and whistles sought after by today’s lower north shore buyers.

Just recently, another cosmetic makeover was completed.

“It’s a beautiful house,” says Coombs.

“What was really appealing about it is its great floor plan; it’s really family-friendly for a waterfront because you walk in to level access from the garage instead of dropping down which in so many waterfronts you do.

“It’s also drenched in northerly light, is really spacious, has a guest room down the bottom and a swimming pool on the water’s edge with a boat house.

“It just ticked a lot of boxes for so many people,” Coombs said.

Measuring 811sq m from the road to the waterfront, the three-level house captures panoramic views over Middle Harbour from multiple rooms, a sophisticated entertainer’s kitchen, several indoor and outdoor entertainment areas, a grand main bedroom suite, a harbourside pool, boat house and private jetty.

Originally published as Northbridge waterfront sells for $1.5m over the price guide in three days

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