A deceased Newport estate has sold for well above expectations, despite signs of a cooling Sydney property market.
The three-bedroom house at 27 Palm Road went under the hammer for $3.31 million on Sunday, exceeding its $3 million guide and reserve by $310,000.
Four parties registered for the auction, with three actively bidding. Most were local northern beaches buyers, with one bidder from outside the area.
The property opened at $2.85 million, with bidding climbing in $50,000 increments for most of the auction before tightening to $25,000 and eventually $5,000 rises near the conclusion.
Selling agent Lauren Garner from McGrath Pittwater-Avalon said the home’s location was a major drawcard for buyers.
“That little pocket of Newport is super close to the beach. So there’s some streets that are considered the Golden Triangle. It’s kind of a tightly held prime position of Newport,” Ms Garner said.
The vendor had held the property as an investment for more than 52 years without ever living in it.
While the result demonstrates continued demand for well-located coastal properties, it comes as Sydney’s auction clearance rate shows signs of easing. According to Domain figures cited by PRD chief economist Dr Diaswati Mardiasmo, Sydney’s clearance rate has dropped to 66.5 per cent.
“We’re still seeing Sydney grow, but not as strong as we used to,” Dr Mardiasmo said, attributing the shift to recent cash rate increases taking effect in the auction market.
Ms Garner acknowledged the broader market uncertainty but said quality properties in premium locations continue to perform.
“Look, it’s a pretty fickle market at the moment, but I think that properties like that on level blocks in great locations, they still perform really well,” she said.
Dr Mardiasmo expects the market to stabilise over the coming months, predicting “more of a steady market for the rest of 2026, definitely”.
Published 23-February-2026
