A six-figure Coogee apartment a few hundred metres from the sand has sold under the hammer at breakneck speed.
Almost $1 million was splurged in five minutes of assertive bidding.
An investor won the keys to the one-bedroom pad at 4/36 Bream Street on August 12 after a campaign dominated by interest from first-home buyers.
The apartment in a low-density block sold for $980,000. The first bid of $810,000 landed it $10,000 above the reserve, instantly ensuring it would sell on the day.
No more than five minutes later, the property belonged to the investor.
Sixteen bidders registered for auction and eight of those threw their hands in the air for agents Nader Hotait and Matthew Murray from Ray White Eastern Beaches.
"The buyer was a lady who was purchasing it as an investment, but I would say around 80 per cent of interest came from first-home buyers," Hotait says in the agency's auction wrap.
"They loved that it was a modern apartment, it's turnkey so you can walk straight in and not spend any money, it had parking, a lock up garage and was close to the beach."
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The property has a treetop outlook from a terrace off the open-plan kitchen and living zone, plus polished floorboards and enough space for a separate tub in the taupe-tiled bathroom.
It is positioned to grab northerly sun and Coogee's crescent of golden beach is 750 metres away.
The median unit price in Coogee is $1,325,000, which represents a rise of 16.2 per cent over five years but a drop of 8.6 per cent over the past 12 months (in line with the downturn in the broader Sydney market, which is now over, swinging back to growth mode).
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The clearance rate for Saturday August 12 in Sydney, according to Domain data, was 73.3 per cent. It is a marked improvement on the 55.6 per cent on the same weekend last year.
The cheapest apartment sold on August 12 in Sydney was a two-bedroom pad in Granville, which fetched $371,000 under the hammer of Hunters Agency & Co Merrylands.
On the second level and with the boon of two bathrooms (one an en suite for the main bedroom), 38/195-199 William Street was pitched to first-home buyers, downsizers or investors, in a suburb 18km west of the CBD.
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