Sydney auctions: Young family splashes $3,261,000 on Brighton-Le-Sands beachfront

A highly sought after beachfront house at Brighton-Le-Sands has sold for $3,261,000 to locals looking for an upgrade, smashing its reserve by more than half a million dollars.

Bidding for 44 The Grand Parade opened right on the price guide of $2.5 million.

Four of the eight registered bidders pushed the price up for the four-bedroom property in $100,000 and $50,000 increments early on.

McGrath Brighton-Le-Sands selling agent George Panagopoulos said half of the buyers dropped off and it became a competitive two-horse race near the $3 million mark.

A local young family walked away with the keys to the house for $3,261,000, outdoing the underbidders – a couple, both doctors. The reserve was $2.6 million.

Mr Panagopoulos said the successful buyers plan to knock down and rebuild their dream family home.

“The beachside [properties] … they don’t come up so often,” he said. “When they do, it is so popular.”

The vendors, who recently retired and moved to Queensland, bought the property in 2007 for $1.8 million, records show.

It was one of 485 auctions held in Sydney on Saturday.

By evening, Domain Group had recorded a 79.9 per cent clearance rate from 304 reported results.

Meanwhile in South Coogee, Randwick buyers looking to downsize dropped an eye-watering sum of $2,715,000 on a semi-detached house with ocean views.

The four-bedroom property at 3 Cuzco Street attracted 15 registered bidders and kicked off with an opening bid of $2.2 million.

The price rose steadily as five buyers, including an investor and a neighbour, vied for the keys to the house. 

After being held for about 50 years, the deceased estate sold for $2,715,000, some $215,000 above reserve. 

Belle Property Randwick selling agent Shane Vincent said most buyers were attracted to the location and its views.

“It’s a rare opportunity that certainly attracts buyers,” he said. “Buyers are happy to be patient to find the right one … there’s no fear of missing out [FOMO] on the wrong one, but there is FOMO on the right one.”

Further inland, a young family was spending big on their next step in Sydney’s property market.

In Lane Cove, a deceased estate at 32 Gamma Road drew 18 registered bidders and big crowd to watch the auction play out.

The sell-off got under way with an opening $1.3 million bid, climbing in unusual increments and dragging on for more than half an hour.

Seven buyers threw their hats in the ring over the course of the marathon auction and the race eventually narrowed to three parties before the hammer fell at $1.9 million, selling $200,000 above reserve. 

Forsyth selling agent Rick D’Amico said the buyers saw value in a property that was tightly held.

“Not a lot comes up for sale around there. It captured the imagination of buyers … [they] saw a lot of value in the building,” he said.

“When you can add some significant value over time, it’s one of those properties you’ll never look back on and be sorry that you bought.”

The successful buyer, Philip, who would give only his first name, said he and his family have been looking to buy a house for two years and plan to renovate the run-down property.“There’s not a lot of stock out there and it’s a good area, in a good location and a good-sized property,” he said. 

“It’s not easy to get into the market at the moment, it’s tough.”

“We obviously have to keep it for awhile before we resell but if it’s a long-term home, property will always pick up.”

In Erskineville, first-home buyers also outbid their competition, including an investor, at 1A Septimus Street.

The newly renovated property sold for $1.89 million to a local couple. It last sold in 2014 for $1.28 million, records show. 

Ray White Surry Hills director Shaun Stoker said the renovations since its last trade cost about $300,000. 

Nine parties registered to bid on the three-bedroom freestanding Federation house, guided at the reserve of $1.6 million.

An opening bid of $1.3 million kicked off the auction with six of the parties pushing up the price in $50,000 and $10,000 increments.

Mr Stoker said low-interest rates and a lack of supply are creating more competition.

“We’re in a buoyant market, big numbers coming through opens, lots of contracts being taken out, a lot of strength on the auction floor,” Mr Stoker said. 

“It is due to low supply that’s creating this, but there’s no sign of more supply coming, so when people see something come onto the market, they go hard for it.”