In Sydney’s booming property market, Bondi Beach stands out as being a particularly sought-after suburb by owner-occupiers, property developers, and investors. But even in an area known for its high median house and unit prices ($2.5m for a house and $1m for a unit, according to CoreLogic), last week’s $4.4m sale of a freestanding house in 101 Hastings Parade, has made people sit up and take notice.
Despite the high price paid for by the buyer, the property is by no means remarkable. The outdated kitchen is missing a cupboard, the bedroom has 90s gold-trimmed mirrors, and the home only covers one floor.
Nevertheless, what clearly sets the house apart is its prime location, as it’s situated along the golden triangle. “This location is one of the true hot spots of the beachside market due to its proximity to the beach itself and surrounding café’s/eateries/boutiques,” said Ron Bauer, principal at Ray White Unlimited.
Bauer, who helped sell the property, said over 150 parties attended the inspections and many bidders registered their interest on auction day. While the property was eventually sold for an eye-watering $4,420,000, the owner “would have been happy with $3.5m.”
Many prospective buyers were families looking to enjoy Bondi’s surf and sand lifestyle, while others were builders who could see the potential in either renovating/extending the existing house or replacing it with a pair of semis. “It was a buyer in this latter group who won out but it was fiercely contested by all,” Bauer said.
Considering the incredible potential associated with buying investment property along Bondi’s exclusive streets, it’s no wonder savvy builders and property investors still go out of their way to snap up prime Bondi properties once they’re offered for sale.
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