Maroubra Bungalow Fetches $2.9 Million at Auction
A young builder and his partner secured a three-bedroom bungalow in Maroubra for $2.9 million during Saturday’s auction. All four registered bidders were local residents eager to occupy 191 Storey Street, with the underbidders—a couple from nearby Clovelly—seeking to upgrade from their apartment.
Nick Papas, sales agent at Agents and Co Property Group, noted that most participants were young couples aiming to renovate and build their ideal homes. Bidding commenced at $2.5 million, following a price guide of $2.6 million and a reserve of $2.9 million.
The property, a deceased estate offered for the first time in over 50 years, represents three siblings’ decision to sell. Located less than 10 minutes from Maroubra Beach, it boasts exceptional potential for transformation. This sale forms part of 976 properties scheduled for auction in Sydney this week.
Papas highlighted how recent interest rate increases have tempered buyer confidence at this price level. “Six months ago, stock was scarce with high demand, but buyers now hesitate to attend auctions without a strong bidding chance,” he explained. “Even a month ago, out of 22 scheduled auctions, 12 properties sold beforehand. The market shows greater fluidity now.”
Brighton-le-Sands Apartment Sells for $1.165 Million
In Brighton-le-Sands, a renovated three-bedroom apartment in a 1970s block sold for $1,165,000 to an executive planning to reside there. Situated at 31/4-10 The Boulevarde, it lies a short walk from the beach with rooftop views extending to Brighton-le-Sands beach.
Four bidders registered, though one withdrew after bidding started. The apartment carried a guide price of $950,000 and a reserve of $1.05 million, with bidding opening at $950,000.
Aaron Bird, sales agent at McGrath St George, emphasized the appeal of the water views and the block’s established age. “Few three-bedroom apartments with such views appear for sale—only two or three annually,” he stated. “Buyers prefer these older blocks for their proven longevity.”
