A three-bedroom apartment 300 metres from Coogee Beach sold for $2,365,000 on Saturday after the successful buyer made a final bid against themselves.
Bidding for the 27/10 Alexander Street home opened at $1.9 million, moving quickly as a future downsizer and a newly single mother of two competed for the freshly renovated property in the classic blond brick walk-up building.
After bids slowed at $2.33 million, the downsizer, who lives locally, made the final $30,000 bid against themselves to secure the property, which had a reserve of $2.2 million. The guide was $2 million.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
Ray White Eastern Beaches sales agent Ty Demirezen said it was a good result in an otherwise sluggish market. A similar apartment closer to the beach in nearby Arden Street sold less than a week ago for $2.24 million.
“This property is a bit of an outlier,” Demirezen said. “We were expecting $2.15 million, but competition was fierce. The rest of the market is definitely slowing down. We’re seeing less off-market transactions. Buyers are getting better value letting [properties] go to market.”
Demirezen said the vendor was a widow who had lived there for more than 20 years but was no longer able to navigate the stairs in a walk-up building because of mobility issues.
The three-bedroom apartment in the blond brick building was renovated just before going to auction.Credit: Domain
The property was one of 969 scheduled to go to auction in Sydney this week.
At Bilgola Beach, a five-bedroom, two-storey beach house is for sale at $6.1 million after passing in at auction following a vendor’s bid of $6 million.
The fully renovated deceased estate at 13 The Serpentine had attracted strong interest from a holidaymaker and an owner/occupier leading up to auction day, but no one in the crowd of 20 people put in a bid.
Amy Young of Laing + Simmons Young Property said international uncertainty and talk of another interest rate rise had shaken buyer confidence.
“Buyers are sitting on their hands,” she said.
The five-bedroom, two-storey property at Bilgola Beach passed in with a vendor’s bid of $6 million.Credit: Domain
However, she said that the market would adjust to the news cycle within a matter of weeks, and she expected buyers to respond accordingly.
“More than half of our marketplace don’t have a mortgage, but news of the war [in the Middle East] is rocking people,” Young said. “We are in a period of adjustment right now, and the buying conditions are phenomenal.”
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