Sydney auctions: Bondi Beach house sells for $5.8 million

A Bondi Beach house on the market for the first time in three decades sold for more than $1 million above reserve at auction on Saturday.

The tightly-held home at 29 Sir Thomas Mitchell Road sold for $5.8 million in a hot auction that drew 15 registered bidders.

Bidding for the three-bedroom house kicked off at $4 million, bang on the initial advertised price guide, and climbed in $100,000 raises to start.

SOLD - $5,800,000

29 Sir Thomas Mitchell Road, Bondi Beach NSW 2026

3

1

1

View property

It was a quick auction, with only a handful of the bidders able to throw their hats in the ring before the gavel fell at $5.8 million.

The deceased estate sold to a family from the eastern suburbs, through Pauline Goodyer of Goodyer Real Estate. She said the result was more than $1 million above the reserve, but declined to detail the exact reserve figure.

Ms Goodyer said the property had drawn strong interest from local families, with about half of the interested buyers looking to renovate the home, and the remainder looking to rebuild on the 346-square-metre block.

“[The result] was above where we expected to reach, but nothing surprises me at the moment, the Bondi market is very hot,” Ms Goodyer said.

Records show the home last traded for $330,000 in 1991.

The house was one of 649 Sydney properties scheduled to go to auction on Saturday.

SOLD - $1,435,000

28 Short Street, Balmain NSW 2041

2

1

-

View property

In the city’s inner west, a Balmain fixer-upper also drew 15 registered bidders – a mix of builders and young couples looking to buy into the area.

The auction for 28 Short Street kicked off with an opening bid of $1.1 million from a builder who had never set foot inside the terrace until Saturday.

From there the bidding rose in $25,000 jumps, passing the $1.2 million reserve before slowing to smaller increments, with seven bidders making offers on the 102-square-metre block.

The winner was another builder – who had also never inspected the property until auction day – who splashed $1.435 million on the home.

The terrace sold through Andrew Liddell of BresicWhitney Balmain for $235,000 above the reserve.

SOLD - $1,080,000

2/194-218 Lawrence Street, Alexandria NSW 2015

2

2

1

View property

In Alexandria, an investor and an owner-occupier went head to head for a two-bedroom, two-bathroom apartment, with the other registered bidders – all first-home buyers – unable to get a word in.

Bidding for 2/194-218 Lawrence Street started at the auction price guide of $900,000, and climbed in $25,000 jumps, pushing past the $1.03 million reserve.

The local investor walked away with the keys to the unit, which sold through Brad Gillespie of The Agency Eastern Suburbs. Records show the unit last traded for $420,000 in 2007.