The property at 48 Mermaid Avenue, Maroubra, was marketed with a price guide of $6.5 million, equal to its reserve. Three parties registered to bid and all were active, with bidding opening at $6.3 million and rising in $100,000 increments. The winning bidder, an owner-occupier, plans to demolish the existing home and build a dream home that takes advantage of the ocean vistas.
Ray White Eastern Beaches director Angus Gorrie said the result pleasantly surprised him. “I was thinking $6.5 million to $6.6 million, so to get to $7 million was unreal,” he said. “It shows that people will pay for location, no matter the market.”
Other auctions across Sydney produced contrasting outcomes. In Como, a five-bedroom home at 17 Wollun Street sold for $3.14 million, well above its guide of $2.6 million. Agent Danny Fox of Fox & Wood said the property’s location on a quiet street, north-facing garden, and modern additions such as ducted air conditioning and a solar system drove strong bidding.
In Alexandria, a two-bedroom apartment at 23/15–17 Fountain Street was passed in after the remaining investor declined to place a bid in line with the price guide. It later sold for $1.31 million, below both its $1.35 million guide and $1.45 million reserve. BresicWhitney agent Darren Davis said strata levies of about $3000 per quarter may have deterred some buyers, adding that properties with “a few hairs” struggle in the current market.
Domain recorded a preliminary auction clearance rate of 45 per cent from 490 reported results, while 184 auctions were withdrawn. Withdrawn auctions are counted as unsold when calculating the clearance rate.