First-time buyers purchase charming two-bedroom home,
Buyers are flocking to apartment auctions, particularly when they meet certain criteria.
For instance, a two-bedroom unit in a Spanish Mission block at Randwick recently sold for an impressive $1.82 million.
Nicholas Wise from Sotheby’s reported that 10 interested parties attended the auction for the top-floor unit.
This unit is located in the charming, circa 1927 ‘Ramona Hall’ at 4/23 Marcel Ave.
It boasts period features, attractive aesthetics, a northerly aspect, and even a garage.
Although the apartment had been on the market for only a couple of weeks, demand was exceptionally strong.
As a result, Wise decided to bring the auction forward to last Thursday to accommodate this interest.
With Cooley’s auctioneer Jake Moore leading, six or seven bidders started placing bids beginning at $1.3 million.
The bids came in quickly, increasing in increments of $100,000, $50,000, $20,000, and even $1,000.
“It was the best auction we’ve seen in a while,” Wise commented enthusiastically.
The process moved swiftly, as this was a north-facing, unique Spanish Mission boutique block consisting of just five units.
Despite a lot of stock available in the market, A-Grade quality properties remain in strong demand right now.
While Wise did not disclose the reserve price, other sources mentioned that it was aligned with the $1.45 million guide.
The purchasers were a young couple buying their first home in the eastern suburbs.
Sources indicated that they likely received parental assistance, similar to many young buyers in Sydney’s current market.
The vendor had owned the property since 2009; however, records do not show the original purchase price.
The realestate.com.au advertisement highlights that the property is “on the cusp of Clovelly,” near a pastry shop and deli.
Additionally, it’s just a short stroll to Gordons Bay and scenic coastal walks.
The sunny terrace offers lovely views over the surrounding district, adding to its appeal.
Inside, the kitchen is stylish and features gas appliances along with a convenient island bench.
Moreover, the modern bathroom includes a rain shower, enhancing the unit’s contemporary design.
Currently, the median apartment price for units in Randwick stands at $1.18 million, reflecting a 10.5 percent increase over the past year.
