Deborah Doctor and her father-in-law Tony Leibowitz outsmarted 14 other bidders to secure a terrace on St James Road at Bondi Junction. Picture: James Gourley/The Sunday Telegraph.
A lady bidding with the help of her father-in-law has stunned a socially distanced crowd of about 100, after paying $540,000 above the reserve for a deceased estate.
The standout result for the Bondi Junction terrace came after the auction for 102 St James Street was brought forward by a week after overwhelming interest from more than 120 groups.
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This translated into 15 groups registering on an overcast Saturday morning, with the five bidders active.
Deborah Doctor celebrates with her father-in-law Tony Leibowitz (centre) after buying the Bondi Junction property. (Picture: James Gourley/The Sunday Telegraph).
McGrath Coogee agent Angus Gorrie said the successful buyer who paid $2.94 million knocked several parties out with her savvy bidding.
“It was smart bidding on her behalf, as most parties were priced out from the $2.5 million mark due to her determination,” he said.
Auctioneer Troy Malcolm got proceedings under way with an opening bid of $2 million after a lengthy period of silence.
The buyer entered the arena at $2.05 million, before landing her first knockout blow of $2.4 million — a jump of $150,000.
There were five bedrooms at 102 St James Road, Bondi Junction.
The property was ripe for a renovation.
When another party made a counter offer of $2.45 million, the buyer was not having any of it and made another $150,000 jump to $2.6 million with the help of her father-in-law.
By this point, it became a two-horse race between the purchaser and two ladies, who no matter what amount they bid, were outclassed by the determined buyer.
After 10 minutes of bidding and tense negotiations, the underbidder pulled out after placing a $2.93 million bid, and handed the deceased estate to the purchaser for $2.94 million.
Auctioneer Troy Malcolm had 15 bidders register. Picture: James Gourley/The Sunday Telegraph.
The sale price was also a whopping $740,000 above the price guide that Mr Gorrie had quoted on the terrace located near Centennial Park. The real estate agent said the result showed the current strength of the market.
“There is not a lot of good quality housing on the market at the moment, and it was evident that good properties like this one on a great street are selling very well at the moment,” he said.
There was a rear courtyard as well.
It last sold in 1988 for $300,000.
With five bedrooms and a carport at the front, the terrace had been under the same family ownership for the past 32 years after being purchased in 1988 for $300,000, according to CoreLogic.
The Bondi Junction sale was one of about 665 Sydney auctions scheduled for the week, an 8.66 per cent increase on the volume of auctions recorded last weekend, Realestate.com.au showed.
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