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Beachside time warp home sells for $7.35 million

This Bronte four-bedroom home sold for $1.35 million above reserve.

This Bronte four-bedroom home sold for $1.35 million above reserve. Photo: Phillips Pantzer Donnelley

A beachside property in eastern Sydney was Australia’s top sale at weekend auction – fetching a staggering $1.35 million above the reserve price.

The Bronte time capsule property was built in 1958 and had only one owner – Joy Giles, who passed away last year at the age of 95.

The four-bedroom house at 3 Bronte Marine Drive was one of 930 Sydney properties taken to auction this week, selling for $7.35 million.

The last remaining original home on the exclusive beachfront avenue, the house was expected to fetch $5.8 million but buyers could not pass up the spectacular location.

Ms Giles’ daughter Lorraine told Domain that the house remains in original condition – including the same furniture, artwork and kitchen.

The home is located directly below a property sold by actor Heath Ledger for $7 million in 2006.

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The home is located in a prime location overlooking the beach. Photo: Phillips Pantzer Donnelley

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The family home only had one owner, the late Joy Giles. Photo: Phillips Pantzer Donnelley

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The home, built in 1958, features all of the original furnishings. Photo: Phillips Pantzer Donnelley

At nearby Bondi Beach, a dilapidated, stripped-bare one-bedroom unit fetched a stellar $961,000.

The buyer was a family from nearby Dover Heights who will lease it out after they renovate the apartment with no car space.

“It went berserk,” McGrath selling agent Simon Exleton told Fairfax Media. 

The Sunday Telegraph reported there were more than 50 registered bidders.

The first-floor unit last sold for $54,500 in 1986, reflecting just shy of 10 per cent annual price growth.

A renovated offering in the block of 16 apartments sold for $770,000 a few months back.  

The price guide for 6/85 Roscoe Street – just one block from the iconic Bondi Beach – was $660,000 with the auction opening with a $720,000 bid.

one bedroom apartment

The one-bedroom apartment went on the market for the first time in 30 years. Photo: McGrath

Even a Richmond cottage that failed to sell in its televised auction on The Block’s first Melbourne season fared well at weekend auction, fetching $1.32 million.

The three-bedroom 41 Cameron Street worker’s cottage renovated by sisters Katrina Chambers and Amie Godde last fetched $860,000 in 2011, a few days after the televised event. 

RT Edgar had the house with a price guide of $1 million to $1.1 million this time.

With annualised price growth of 8.7 per cent, it sold at $70,000 over reserve, one of the 1090 offerings across Melbourne, according to CoreLogic.

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The Victorian home featured in Channel Nine’s renovation show The Block in 2011. Photo: RT Edgar

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It has a light-filled open-plan living area, boasting broad timber flooring throughout. Photo: RT Edgar

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Bi-fold stacker doors opening indoors to outdoors. Photo: RT Edgar

CoreLogic reported it was another strong weekend for auction activity.

There were 2445 auctions held across the combined capital cities with a preliminary auction clearance rate of 78 per cent.

At the same time last year, auction volumes were higher with just 69 per cent of the 2835 offerings finding buyers under the hammer.

“Over the first four weeks of spring, auction clearance rates have consistently been recorded at a higher rate than over the corresponding weeks last year, while auction volumes remain around 20 per cent lower,” CoreLogic spokesperson Kevin Brogan said.

Melbourne, Australia’s largest auction market, notched up a 79 per cent success rate. Strong sales above reserve continued.

Six bidders sought an unrenovated cottage at 24 College Street, Hawthorn, which was announced as on the market at $1.25 million and sold for $1,551,000.

In Fitzroy, a two-bedroom house at 80 Cecil Street drew four bidders. It was called on the market at $1.1 million and knocked down at $1.3 million.

Melbourne prices ranged between $216,000 at Reservoir and $4 million at Canterbury for a quaint 1930s knockdown mansion without heritage overlay at 107 Mont Albert Road.

The 1930s home at 107 Mont Albert Road sold for $4 million.

The 1930s home at 107 Mont Albert Road sold for $4 million. Photo: Jellis Craig

Sydney’s cheapest sale was $480,000 at Whalan.

The three-bedroom house sold in June last year at $470,000, so the $10,000 price gain would not have covered costs.

It had been a $345 a week rental, reflecting a 3.75 per cent gross yield.

This three-bedroom house in Whalan was Sydney's cheapest auction.

This three-bedroom house in Whalan was Sydney’s cheapest auction. Photo: Century 21

Last week, the final clearance rate for Sydney was 81 per cent, across 815 auctions.

One year ago, 1200 Sydney homes were taken to auction and the clearance rate was 71 per cent.

Brisbane’s preliminary clearance rate was 51 per cent, up from 48 per cent last week but lower than one year ago, when 55 per cent of auctions were successful.

This week, Adelaide saw a preliminary clearance rate of 84 per cent, with 87 reported results across a total of 126 scheduled auctions.

Adelaide’s top sale was $1,682,000 for a sandstone 1930s Tudor-style home in Fitzroy.

The 1 Braund Road offering had a pre-auction price guidance of $1.5 million to $1.6 million. 

The five-bedroom home had last traded at $385,000 in 1997, reflecting just over 8 per cent annual price growth with a renovation undertaken in 2004.

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The sandstone Tudor in Adelaide has five bedrooms and three bathrooms. Photo: Klemich

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Oak timbers throughout. Photo: Klemich

Perth’s clearance rate of 35.1 per cent across 49 auctions was down from the previous week, when 39 auctions were held and a clearance rate of 45.2 per cent was recorded.

In Canberra, 90 auctions were held this week, and of the 73 reported results, 70 per cent were successful. 

Canberra prices ranged between $355,000 for a two-bedroom Greenway apartment and $2.1 million for a three-bedroom house in Forrest. 

Jonathan Chancellor is editor-at-large at Property Observer.

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