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A Sydney man forked out $7.1 million for a dilapidated four-bedroom Bondi Beach apartment for his children on Saturday, smashing the reserve by $3.1 million at an auction that was dubbed “completely bananas”.
The original beachside penthouse, at 5/17 Wilga Street, boasts 270-degree views and was a deceased estate, however with a major renovation and an additional $1 million special levy required, it’s far from move-in ready.
Auctioneer Jake Moore, of Cooley Auctions, said it was one of the most exciting auctions he’s held this year, with 13 of the 14 registered bidders and a crowd of onlookers forced to cram into the home’s living areas to avoid the Saturday rain.
“It went completely bananas … the result was way over the reserve. The opening bid alone was $4 million, and we didn’t get a bid smaller than $50,000,” he said.
“To get an auction like this where you’ve got 14 registered bidders, of which six or seven were active, and to have them bid in such big increments for a property that needed so much work is incredible.
“I mean they were just paying for the view.”
Buyers were attracted to the ageing Bondi Beach apartment because of its views.Credit: Peter Rae
Moore said while 13 of the registered bidders were onsite, it was the 14th bidder – a local man bidding over the phone – who claimed the keys.
He said the sheer amount of work required, alongside the fact that the building didn’t have a lift, led to mostly younger owner occupiers vying for the home, with the underbidder a young man in his 30s.
The selling agents were Raine & Horne Double Bay’s Ric Serrao and Sasha Bronfentrinker.
“It was a local guy who bought it for his kids … he owns local property here and he saw the value in doing up this apartment,” Serrao said.
The run-down penthouse needs work.Credit: Peter Rae
“We actually had more than 330 inquiries on this one and it was the first time it was offered up to the market in 30-odd years.”
Serrao said while the home needed a significant reno, that Bondi magic paved the way to an outstanding sale.
“When it comes to Bondi truthfully, nothing surprises me now. At the end of the day, it was a unique property and it’s very hard to put a price on a view like that. Not everyone has an extra $1.5 million sitting in the bank for refurbishments, but it was still good real estate,” he said.
“It’s also interesting how it’s becoming more and more common for parents to help out their kids, although I agree that this was an extreme case.”
It was one of 914 auctions scheduled in Sydney on Saturday. By evening, Domain Group recorded a preliminary auction clearance rate of 62 per cent from 582 reported results, while 167 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate.
At 7 Hopetoun Avenue, Mosman, a magnificent six-bedroom home boasting an extensive frontage with views of Chinamans Beach fetched $14.215 million under the hammer after a long, drawn-out auction.
Bidding kicked off at $12.5 million and continued in small and sluggish increments of $5000 and $10,000 among four registered bidders.
For the 50 onlookers largely spread out on the home’s veranda, a sense of relief flowed out when the hammer finally went down 21 minutes later for a figure that was just over the $14 million reserve. Selling agents were Atlas Lower North Shore’s Anthony Godson, Nick Gittoes and Amelia Andrews.
The home features a wine cellar, gas-heated swimming pool, library and a self-contained apartment, and was designed by architect Robert Harrington. According to Pricefinder data, the home last sold in 2017 for $10.5 million and in 2022 it was listed as a rental for $5000 per week.
Over in Bronte, three crumbling beachside cottages owned by 100-year-old George Watkins sold for a collective $13.925 million.
Watkins inherited the homes – at 4, 6 and 8 Collingwood Street – in 1975 and was even born in number 4. His parents and grandparents made a name for themselves as the area’s quarry masons while his great-grandfather, Richard Watkins, was the mayor of Waverley in 1909. They are said to have bought the homes in 1885.
Selling agent Bethwyn Richards, of The Agency Eastern Suburbs, said it was one of the most remarkable auctions she’d ever held, with three separate families buying each cottage.
The cottage at number 4 sold on Friday night for $4.7 million. Both number 8 and number 6 sold under the hammer on Saturday for $5.275 million and $3.95 million respectively while Mr Watkins’ nephews watched.
“In the lead up to the auction, we had interest of $13.5 million so to get this result was pretty wonderful,” she said.
Richards said the timber cottage at number 8 attracted three buyers. Bidding kicked off at $4.6 million and a flurry of $100,000 bids followed until a local buyer, who had recently sold their nearby home, nabbed the keys.
Number 6 then opened at $3.925 million and the sole bidder increased their offer to $3.95 million to buy the cottage.
“They also bid on number 8 and had missed out … so they weren’t going to miss out again,” she said.
At 45 Beresford Road, Thornleigh, a Brisbane couple (who bucked the nationwide northern migration trend to instead move south to Sydney) made the winning bid of $2.61 million.
The immaculate five-bedroom home sits on a 916.9 square metre block and last sold for $555,000 in 2006.
Selling agent Nathan Leuzzi, of Ray White Upper North Shore, said the underbidder kicked off the auction at $2.35 million, with increments of largely $50,000 thrown down until $2.5 million.
“From there it slowed down and then it was a back and forth until we could reach the reserve,” he said. “All parties were happy and for the couple from Brisbane, the home ticked all the boxes.”
“They had been renting down here for a year.”
In Gladesville, three active bidders battled it out for a CDC approved duplex site, with a young buyer from Tennyson Point quickly forking out $3.2 million – $100,000 over the reserve.
Selling agent Trisha Guo, of McGrath Ryde, said an eastern Sydney developer kicked off the bidding for 5 Brereton Street at $2.8 million, with the home called on the market at $3.1 million.
“The winning buyer bought the home to be close to their parents who live in the suburb and they were so happy. Their parents were there too,” Guo said.
While they had fewer bidders than expected, it was a great result, she added.
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