A local first home buyer couple outbid other first timers and even downsizers after paying $2.43 million for a Bondi Junction terrace at auction on Saturday.
The two-bedroom, one-bathroom home at 112 Mill Hill Road was guided at $2 million and drew seven registered parties, with a mix of first home buyers and couples wanting to downsize.
Bidding opened bang on the guide and rose in varying increments as five participated in the auction.
BresicWhitney Inner East’s Darren Pearce said the winning couple were determined to secure the terrace, having missed out on another property in the area four weeks ago.
“They are very excited. Having missed out a month prior, they were very ready to go. They only saw the house yesterday and registered five minutes before the auction,” he said.
Loading
“It was between two parties in the beginning and just when you thought the property would be sold under the hammer, three other parties swooped in. It was very competitive bidding for the last $150,000,” Pearce said.
The property last sold for $296,000 in 1989, records show. Bondi Junction’s median house price is $3 million, up 21.2 per cent in five years to June on Domain data.
The vendor did a major renovation on the terrace in 1991. Pearce said the vendor has moved back to New Zealand to be with her family and has secured a one-level property requiring less maintenance.
Source Agencies
