Even agents scratch their heads over why 1970s flat was popular
Even the agents are scratching their heads as to why this 1970s Bondi apartment attracted 11 registered bidders and sold for more than $100,000 above reserve.
The three-storey walk-up isn’t on the beach and you have to crane your neck from the side balcony for its district view, but the two-bedroom apartment at 3/1 Imperial Ave still fetched $1,058,000 at the recent auction.
Perhaps the wording of the realestate.com.au ad — suggesting it was a “feel good” apartment — helped attract the mix of both owner-occupiers and investors.
MORE: The NRL players investing in the property market
Rebel Wilson’s ‘cashed up bogan’ lifestyle pays off
Part two: Our radio stars are living the dream on the property market
“It’s appealing but not particularly special,” admits the Ray White Double Bay Bondi agent Ron Bauer, who shared the listing with his colleague Monica Shor.
Yet with many similar apartments often attracting only one bidder at auction in the current market, this property had seven fight for it.
“Another similar two-bedroom apartment we had in McPherson St, Bronte was fully renovated and we had only one bidder turn up to the auction,” Mr Bauer said. They were forced to negotiate with the one party who was interested and it sold for $925,000.
“The auction was every bit as exciting as one during the boom — at one point three people were shouting out their bids at once,” Mr Bauer said.
“It was just extraordinary!”
The 73 sqm apartment had a neat kitchen, but there’s no designer renovation.
Among the positives were the “extra large” garage and the “sunny aspect” — the living and dining area opened out to the north-facing balcony.
CoreLogic indicates it was listed for rent at $710 a week in 2016.
SIGN UP TO THE NSW REAL ESTATE NEWSLETTER