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Drummoyne’s $12 million mansion sets Inner West record

Hotelier and race car driver Rod Salmon has sold his waterfront mansion in Drummoyne for more than $12 million, setting an all-time new high for the inner west.
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The three-level residence set at the end of Wrights Point was expected to hit the market in time for the start of the spring this weekend, but after being quietly shopped around in recent weeks by at least three agencies it was sold to a local buyer in an off-market deal.

Salmon, a long-time property developer and hotelier who founded the Skwirk online education company in 2005, bought the waterfront mansion in 2014 from fellow hotelier Sam Arnaout.

Arnaout commissioned the palatial residence following his purchase of the 700-square-metre property in 2007 for $6 million.

Salmon’s purchase in 2014 coincided with his sale of the Wentworth Hotel in Homebush and the One World Bar in Parramatta to Arnaout’s Iris Capital hospitality group.

???The three-level house includes five bedrooms, six bathrooms, a four-car garage, a rooftop terrace, gym, home theatre, swimming pool, separate living area with a wet bar, separate guest apartment and a waterfront lawn that extends to Crown Land and the historic Drummoyne Steps.

Related: Annandale’s freestanding homes demanding a premium Related: Ryan Stokes sells Walsh Bay pad for $7.8 million Related: Cricketer Steve Smith spends $1.95 million in Birchgrove

The Drummoyne record ends the Balmain peninsula’s decades long dominance of the inner west’s top sales records, most recently set at $11.8 million in 2014 by the waterfront house purchase in Balmain East by art collector and heiress Paris Neilson.

The previous inner west high was set at $11.5 million in 2008 when Mark Ainsworth, son of billionaire poker machine maker Len Ainsworth, bought a Gothic-style villa on the waterfront in Birchgrove.

While Sydney’s prestige market hot spots are predominantly in the eastern suburbs and lower north shore, the inner west’s top-end market has proved increasingly bullish in recent years as values and wealth across Sydney have risen in recent years.

Danny Cobden, of Cobden & Hayson in Balmain, said the Balmain peninsula’s high-end shoppers tended to be local buyers, not imports from more affluent areas of Sydney.

“Most of these major prestige sales are to buyers who are already established in this area and the purchase is about trading up in their area of choice,” Cobden said.

“But for your Drummoyne buyers they are often drawing from a broader area, so there are Hunters Hill buyers who will look at Drummoyne who won’t go near Balmain, and visa versa.” The Inner West record setters

1. Wrights Point, Drummoyne

Sold $12 million-plus August 2017

2. Gallimore Avenue, Balmain East

Sold for $11.8 million in 2014.

3. Wharf Road, Birchgrove

Sold for $11.5 million in 2008.

4. Wharf Road, Birchgrove

Sold for $11.1 million in 2009.

This house on Wharf Road comes with a view of the Harbour Bridge. Photo: Supplied5. Chalmers Road, Strathfield

Sold for $8.8 million in May 2017.

Chalmers Road, Strathfield. Photo: SuppliedWoollahra $10.1 million jewel

A handful of high-end home shoppers registered to buy a1930s-era Woollahra mansion on Tuesday night, forcing the sale result well above the initial $8.8 million guide to sell for $10.1 million under the hammer.

But after an opening bid of $8 million it was neuroradiologist Jason Wenderoth who 22 bids later claimed the purchase, ending 45 years of ownership by Margaret Allsopp, of the Angus and Coote jewellery family.

The home on Edgecliff Road in Woollahra. Photo: Supplied The auction was a competitive one among some of the east’s bullish buyers in large part driven by the continued lack of high-end stock on the market. There was no reserve revealed by Gavin Rubinstein, of Ray White Double Bay, but the property was already on the market at $9.9 million.

The five-bedroom, five-bathroom residence with a swimming pool and north-facing views of the harbour is set on a battle-axe block of 825 square metres and was sold with DA-approval to build a second residence.

Allsopp, who bought it in 1972 for $126,000, has meanwhile downsized to a $6 million apartment she bought in Double Bay in May.

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