Maroubra bungalow with ‘exceptional potential for transformation’ sells for $2.9m

2 hours ago 6

A young builder and his partner were the successful bidders for a three-bedroom bungalow in Maroubra, paying $2.9 million at auction on Saturday.

A sales agent from Agents and Co Property Group, Nick Papas, said all four registered bidders were locals looking to move into 191 Storey Street, with the underbidders a couple from nearby Clovelly wanting to upgrade from their apartment.

“It was mostly young couples looking to buy something to renovate and create their dream home,” Papas said.

Bidding started at $2.5 million. It had a price guide of $2.6 million and a reserve of $2.9 million.

There is no legal requirement for a vendor’s reserve to be in line with their property’s price guide.

Papas said the property was a deceased estate being offered for the first time in more than 50 years and he was acting on behalf of three siblings.

The property at 191 Storey Street, Maroubra was marketed as having “exceptional potential for transformation”.

The property is less than 10 minutes’ drive from Maroubra Beach and was marketed as having “exceptional potential for transformation”.

It was one of 976 properties scheduled to go to auction in Sydney this week.

Papas said the recent interest rate rise affected buyer confidence at this price point.

“Six months ago, there was no stock and lots of people wanting to buy, but people were getting a bit shy of showing up [at auction] because they may not have a chance to bid,” he said. “Even a month ago, we had 22 auctions scheduled and we sold 12 properties prior. There’s a bit more ease in the market.”

At Brighton-le-Sands, a renovated three-bedroom apartment in a 1970s block sold for $1,165,000 to an executive who plans to live in the property.

The apartment at 31/4-10 The Boulevarde is a short walk from the beach, with views across rooftops to Brighton-le-Sands beach.

Four bidders registered on Saturday, with one dropping out after bidding began. The apartment had a guide of $950,000 and a reserve of $1.05 million. Bidding opened at $950,000.

A sales agent for McGrath St George, Aaron Bird, said the water views were a strong selling point, as was the age of the block.

“There are a lot of three-bedroom apartments that come up [for sale] but only two or three a year with these kinds of views,” he said. “People feel safer with these older-style blocks given they have been there for a long period of time.”