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1960s flat in Bondi sells at 1.5 times the asking price for $1.2milion at auction

A sign of things to come? Tiny 1960s flat in Bondi sells at 1.5 times its reserve price for $1.28milion in one of 2020’s first auctions

  • An auction in Bondi saw an investor snatch the keys from a competing couple 
  • He purchased the property for $480,000 over the reserve price of $800,000
  • The same property was purchased 27 years ago for only $180,000

Hopeful Australian home buyers have been left stunned after a tiny 1960s flat in Bondi sold for a staggering $1.28million in one of the first auctions of the year.

The auction of the unit at 21/24 Sandridge St saw an investor drive the selling price  $480,000 over the reserve price of $800,000, according to The Daily Telegraph.

A couple engaged in a fierce bidding war with the investor on Saturday but gave up after the price skyrocketed $180,00 over the median price for a two-bedroom property in the area.

Hopeful Australian home buyers have been left stunned after a tiny 1960s flat in Bondi sold for a staggering $1.28million on Saturday

A couple engaged in a fierce bidding war with a investor but gave up after the price skyrocketed $180,00 over the median price for a two-bedroom property in the area

A couple engaged in a fierce bidding war with a investor but gave up after the price skyrocketed $180,00 over the median price for a two-bedroom property in the area

The seller said they purchased the flat 27 years ago and only paid $180,000 for it at the time. 

The investor, who owns several properties in Bondi, said he paid a ‘a crazy price’ for the 56 square-metre apartment.

Despite the price already paid, he noted the property would need to be fixed up before being rented out. 

He said the view of Bondi Beach was what won him over to the property and made it worth the price. 

The property is currently rented out to fashion designer Alicia English, 23, and fashion buyer Maddie Batt, 23, who currently pay $440 a week.

Despite the price already paid, the investor noted the property would need to be fixed up before being rented out

Despite the price already paid, the investor noted the property would need to be fixed up before being rented out

‘We think we’ve convinced him to let us live here,’ Ms English said. 

The two said they were stunned as they watched the action as the price continued to climb.

‘When they said the price guide was $800,000, we thought it might go for a bit more than that, but not $1.28 million,’ Ms Batt said.

The sale could be a sign that Australia’s housing market is heading for a bumper year after a slow year in 2019. 

The investor said the view of Bondi Beach was what won him over to the property and made it worth the price

The investor said the view of Bondi Beach was what won him over to the property and made it worth the price

Read more at DailyMail.co.uk


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