Inner west buyer pays $5.5m for turnkey home, breaking suburb record
Sydney Morning Herald
by Carmen ForwardFebruary 23, 2026
AI-Generated Deep Dive Summary
A record-breaking $5.5 million sale at an auction in Canada Bay has shattered local property records, highlighting the enduring strength of the luxury real estate market in Sydney. A brand-new five-bedroom home with high ceilings and a swimming pool attracted intense competition from four bidders, ultimately selling for $5.5 million—$500,000 above its $4.9 million price guide and breaking the suburb’s previous record of $5 million set last year. The auction, held in sweltering conditions with 250 attendees, saw bids escalate rapidly, reaching the final amount under the hammer.
The buyer, from the inner west, was drawn to the property’s turnkey appeal and prime location. Selling agent Tarun Sethi noted that despite recent market concerns due to rising interest rates, luxury properties remain highly competitive. The seller initially intended to keep the home but decided to upgrade to a significantly larger property. This transaction underscores the resilience of Sydney’s high-end real estate market, where demand continues to outpace supply.
The auction also reflects broader trends in Australia’s property market. While overall clearance rates in Sydney dipped slightly to 66.5% last week, luxury properties have maintained their appeal. Other notable sales included a one-bedroom unit in Neutral Bay, which sold for $840,500 after fierce bidding, and a three-bedroom house on Sydney’s northern beaches that exceeded its $3 million guide by $310,000. These results highlight the growing competition for properties priced just below key thresholds, such as stamp duty exemptions.
The sustained demand for premium properties signals that buyers remain confident in high-value assets, particularly those offering unique locations and modern amenities. As global markets navigate economic uncertainties, the performance of Australia’s luxury real estate sector stands out as a testament to its enduring appeal and resilience.
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Originally published on Sydney Morning Herald on 2/23/2026