A three-bedroom apartment 300 metres from Coogee Beach sold for $2,365,000 on Saturday after the successful buyer made a final bid against themselves.
Bidding for the 27/10 Alexander Street home opened at $1.9 million, moving quickly as a future downsizer and a newly single mother of two competed for the freshly renovated property in the classic blond brick walk-up building.
After bids slowed at $2.33 million, the downsizer, who lives locally, made the final $30,000 bid against themselves to secure the property, which had a reserve of $2.2 million. The guide was $2 million.
There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.
Loading
Ray White Eastern Beaches sales agent Ty Demirezen said it was a good result in an otherwise sluggish market. A similar apartment closer to the beach in nearby Arden Street sold less than a week ago for $2.24 million.
“This property is a bit of an outlier,” Demirezen said. “We were expecting $2.15 million, but competition was fierce. The rest of the market is definitely slowing down. We’re seeing less off-market transactions. Buyers are getting better value letting [properties] go to market.”
Demirezen said the vendor was a widow who had lived there for more than 20 years but was no longer able to navigate the stairs in a walk-up building because of mobility issues.
The three-bedroom apartment in the blond brick building was renovated just before going to auction.Credit: Domain