In Sydney’s thriving property market, Bondi Beach is very popular amongst owner-occupiers, property developers and investors. Although this suburb is famous for averaging $2.5m for a house and $1m for a unit , last’s weeks sale of $4.4m for a detached house at 101 Hasting Parade has astounded many.
Albeit the above-average price paid by the buyer for the house, this house doesn’t not stand out as being extraordinary. The old fashioned kitchen has a missing cabinet, the bedroom has 90s gold-trimmed mirrors and the home is only on the ground floor.
Yet this property stands out because of its peak position being next to the golden triangle. It is located close to the beach and to the nearby cafes/restaurants etc. according to Ron Bauer, principal at Ray White Unlimited.
Mr. Bauer, who was involved in the sale process, informed that more than 150 people inspected the house and many potential buyers listed their interest on the auction day.
The owner who got the astronomical sum of $4.420.000 “was happy to settle for $3.5 m”.
Numerous potential buyers were families hoping to establish themselves in Bondi and to benefit from the surf and sand way of life, others were builders looking at giving the house a “face-lift” or dividing it into duplexes. One of the builders won the auction but was extremely contested by all Mr. Bauer said.
Bearing in mind the enormous opportunity for investment properties in Bondi’s elite streets, it comes to no surprise that practical entrepreneurs and property investors try anything to put their hands on Bondi’s properties which become available to buy.