Stately trees, sweeping lawns and a graceful curving driveway announce the grandeur of 25 Mugga Way, Red Hill, Canberra’s latest record-breaking property.
Trees take their time growing into grand, place-making specimens, as did the transaction of 25 Mugga Way, the jewel in Canberra’s Golden Mile. Berkely Residential’s Bill and Michael Lyristakis guided the transaction to an exceptional conclusion. The home of Clive and Lynlea Rodger since 2000, which stands on approximately two acres of land, sold for $8 million, eclipsing the previous record of $7.3 million for 27 Mugga Way, set in 2010.
Mr Lyristakis, who met with interested parties in London to negotiate with potential buyers before closing the deal, said the successful buyers, a Canberra family, were immediately mesmerised by the garden. He said they fell in love with the luxurious five-bedroom, double-storey residence on their first inspection more than a year ago. The home of their dreams, ‘Woodleigh’ has hosted the Open Gardens’ scheme, musical events and parties around a sparkling 14-metre heated swimming pool, a full-sized tennis court and neatly clipped hedges and lawns.
“The family loved the house, they were taken by the beauty of the garden and overall setting, they loved the outdoor entertaining area, it lends itself to great summer parties,” Mr Lyristakis said. “This transaction has been simmering for a long time, it needed to come to fruition for everybody. It could have happened last September or January. My view was it always was very likely to happen,” he said.
From the imposing entry hall, a timber staircase turns elegantly to the second floor. Throughout the north-facing home, a large lounge room, dining room and well-appointed kitchen underline luxury and spaciousness. The games room has garden access, while the large master bedroom on the second level has an adjoining bathroom and a balcony. Near the main residence, a residential annex with cathedral ceilings has an additional kitchen and bathroom for either working at home or entertaining.
Gleaming interior finishes matched with the garden’s attractions, like the ornate water fountain, featured in video tours, brochures and booklets. This extensive marketing sparked interest in the United Kingdom, Sydney and Canberra.
The potential London buyers were keen to learn more about the property, Mr Lyristakis said. “I met with them in the city of London twice. They then flew over to Australia to look at it a bit later,” he said. When expressions of interest closed multiple buyers were in the picture, until the successful buyer emerged with a record bid.
Mr Lyristakis says attention to detail and time devoted to buyers and sellers are essential at the top end of the market. Patience is imperative.
“You could sell it in 30 days if you wanted to but the result might not be all that attractive,” the high-end property specialist said.
Close to Canberra Grammar schools, Manuka Village and a short drive to the City, Mugga Way’s reputation for prestige properties goes back to the early days of the national capital.
“Senior public servants traditionally got the larger bocks. They had orchards and were fairly self-reliant for fruit and vegetables,” Mr Lyristakis said. He remembers stories of the tennis parties and barbecues from the 1930s and 40s. Similar happy gatherings continue to this day.
Mr Lyristakis and his team at Berkely Residential have had a busy six months, with standout results at 3 Torres Street, Red Hill which sold for $6.95 million, nearby 11 Torres Street which sold for $5.5 million, and the Kingston Tower Penthouse for $3.5 million. The third-highest price on Mugga Way, $7.2 million for 20 Mugga Way, achieved in 2013, also involved Mr Lyristakis.
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