A young family has outbid a developer in a fierce battle for a beachfront time-capsule home in Sydney’s east.
In front of a crowd of about 70 people, three active bidders competed for the keys to the 1920s freestanding bungalow.
“We had lots of neighbours watching on. Another local who was bidding was also looking to build her dream home in her dream spot,” Ray White Eastern Beaches director Angus Gorrie said.
Bidding started at $6.3 million before the first interested party dropped out at $6.6 million, The Sydney Morning Herald reported.
It was then down to two: an owner-occupier and developer.
“We had one developer, an underbidder who went to $6.925 million,” Gorrie said.
The developer was next to bow out, leaving the young family to secure the winning bid.
The residence, which had been in the same family for the past 50 years before the owner moved into aged care, boasts sweeping ocean views across Lurline Bay to North Bondi.
Gorrie said the result proves buyers will pay for location “no matter the market”.
He added that had conditions been stronger, there would have been 10 bidders, though the final bid price would have remained the same.
The sale comes as broad market uncertainty continues to dampen auction attendance.
Ray White NSW head of performance Callum Hogan said the reaction to last month’s rate rise was becoming increasingly evident across the state.
“Buyers are questioning whether values have reached their bottom; however, it is creating hesitation around commitment rather than a lack of interest,” Hogan said.
Hogan noted that while the balance of power may have shifted towards buyers, opportunity remains for vendors.
“Those who are responsive and prepared to meet the market are still achieving strong outcomes,” he said.
“The days of opportunistic selling are behind us. This market is rewarding those prepared to create opportunity, rather than wait for confidence to return.”
‘They’re begging’: Desperate sellers offer price cuts and $80k perks to score quick sales
Clearance rates slip under 50 per cent as vendors push for pre-Christmas sales.
Local farmers beat Melbourne bidders to a $357,000 Californian bungalow
The affordable fixer-upper on a classic quarter-acre block sold at auction for less than half the price of a typical Melbourne house.
See more news from Domain in your Google search results.
The information on this website is intended to be of a general nature only and doesn't consider your objectives, financial situation or needs.
