A Pymble family paid $3.15 million at auction on Saturday for a home in Killara they intend to knock down and rebuild in a few years’ time.

At A7 Manning Road, the four-bedroom, two-bathroom property attracted nine registered bidders, but only four raised their paddles. The Pymble family outbid another family, a local developer and a couple from Hurstville who also planned to knock down and rebuild.

Ray White Upper North Shore agent Jessica Cao said the sellers were a young family who had moved up north for a sea change. They had bought the home for about $2 million in 2018 and were thrilled at the result, which was $350,000 above the reserve of $2.8 million.

The developer made the opening bid of $2.4 million, below the $2.5 million guide. Bids then rose in $50,000 and $10,000 increments.

Cao said the property’s appeal rested in its land value, with its flat block a rarity in the suburb. Killara’s median house price rose 11.3 per cent to $3,894,440 in the year to September on Domain data.

Cao said that while some buyers were hesitant, the Upper North Shore market was balanced when it came to supply and demand.

“There’s no new stock, so whatever is available is the last run for buyers to choose from,” she said. “We have sold most of our stock, so there are strong buying signs.”

Cao said some vendors might be waiting for interest rate cuts, but the timing of those was uncertain.