Former Nine boss David Gyngell buys one-of-a-kind Bondi Beach apartment owned by same family since 1938

It was a bittersweet moment for the Pryor family on Saturday morning when the Bondi Beach apartment that had been in their family for four generations sold for $1.675 million.

A crowd of about 40 packed into the loungeroom at 5/2 Ramsgate Avenue to watch as former Channel Nine boss David Gyngell and his TV presenter wife Leila McKinnon casually outbid five other prospective buyers to secure themselves the large three-bedroom art deco apartment on the first floor.

Gyngell, who was dressed down in shorts and a T-shirt, stood discreetly with his head bowed until midway through the auction.

Until then, the competition appeared to be limited to just four buyers, after an initial vendor bid of $1,250,000 kicked off the proceedings. After a slow start, the pace built as bidding then comfortably surpassed the reserve of $1.4 million.

But the attention soon turned to Gyngell, the unassuming man leaning against the window, who surprised the crowd with his first bid of the morning at $1.6 million.

Another potential buyer, a man with his adult daughters in tow, tried to keep up, but they stopped short of Gyngell’s winning bid of $1.675 million.

Ric Serrao, selling agent and principal at Raine & Horne Double Bay, said the result was a promising sign for the market as auction numbers pick up after the Christmas break.

“I can’t talk for February yet, but it’s the strongest January we’ve had in four years,” he said. “There’s more stock and there’s a backlog of buyers.”

While Serrao declined to comment on Gyngell’s purchase, he said “the buyer was an investor”.

He said the generous size of the apartment had piqued the interest of both investors and buyers in the area. In its favour were its high ceilings, north aspect and the fact there are no shared walls with other apartments.

“There’s a lot of locals looking to secure a large apartment. You don’t get apartments of this size very often. 

“Between 70 to 80 square metres is normal in the Bondi area, this one is 114 square metres.”

More than 120 people had inspected the property in the lead-up to the auction and 14 contracts had been given out. 

Domain Group chief economist Dr Andrew Wilson said it had been a good start to the year and the sale was yet another indication there was plenty of demand for suburban property.

“Bondi offers one of the world’s best beaches as well as reasonable proximity to the city and Bondi Junction,” he said.

“It’s interesting that it sold to an investor. In terms of the nature of the property, the higher the property price the lower the yields you get but of course that’s offset by the potential for property growth.”

Meanwhile in the unit next door, Jessica, her sister Rachelle and mother Tanya breathed a collective sigh of relief when they were told the apartment had sold.

“We’re happy about it, but it’s mixed emotions,” said Jessica, who grew up in the apartment opposite with her siblings, mother and late grandparents. “I was worried before the auction with all the feedback, but it’s one of a kind.

“I had faith that nan and pop were here in spirit driving the prices up!”

Her family had decided to sell the unit, which was one of three apartments in the building passed down to them from their grandparents and before that from their great-grandparents Anna and Harry Goldberg, who had built the entire block in 1938.

Her older sister Rachelle said it had not been an easy choice for her family to sell. “It was a big decision, but at the same time I wanted my mum to be happy.”

There were strong results in other parts of Sydney too. A five-bedroom home in Hornsby Heights sold for $1,730,000 – $130,000 above the reserve price.

Josh Larsen, head auctioneer at Di Jones, said despite being a wet morning, a crowd of 50 turned up.

“They were very eager – i waited a half a second for an opening bid, which is unusual.” 

In Concord West, an old brick bungalow home was snapped up for $1,409,000 – $159,000 over reserve – by a middle-aged couple who had plans to renovate it. 

“The 23 registrations really highlights both our undersupply, and continuing demand for well serviced and located homes in Sydney,” said auctioneer Stu Benson.