The house at 8 Homedale Ave was set to go to auction but was withdrawn after a number of buyers failed to gain access to money from overseas.

Selling agent Shane Sullivan of LJ Hooker Drummoyne later sold it to a family from Strathfield who were attracted to the sheer size of the house.

Mr Sullivan, who sold the house with Jacob Saleh, described the market as “really soft” and said that the days of having a large number of buyers at auction were almost gone.

“There is so much stock available at the moment that you really need to nail down that buyer,” he said.

Buyers are also tending to spend more time making purchases, said Mr Sullivan, not feeling as much pressure to buy due to the options available.

Newly released figures from CoreLogic showed the citywide median home value dropped 0.7 per cent over November, the third successive month of price falls for the city.

The house had previously sold in 2006 for $1.1 million, with current features including period details, leadlight windows, a swimming pool and 620 sqm block.