Maroubra house with potential for renovation sells for $2.9 million

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

“Six months ago there was no stock and there were a lot of people wanting to buy, but people were a little hesitant to come. [at auction] “Because they may not have a chance to bid,” he said and continued: “Just a month ago, we had planned 22 tenders and had sold 12 properties before. “There is a little more comfort in the market.”

A refurbished three-bedroom flat in a 1970s block in Brighton-le-Sands has sold for $1,165,000 to a manager who plans to live in the property.

The apartment is at the following address: 31/4-10 Boulevard It’s a short walk from the beach and has views over the rooftops to Brighton-le-Sands beach.

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Four bidders registered on Saturday and one withdrew after bidding began. The condo had a guide of $950,000 and a reserve of $1.05 million. The tender was opened at $950,000.

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

“Many three-bedroom apartments are popping up [for sale] “But we only come across such views two or three times a year,” he said. “People feel safer with these old-style blocks because they have been there for a long time.”