The reserve price on a four-storey, five-bedroom house on Moore St in Bondi was set at $3.6 million.
The owner was hoping for what he described as a “dream price” of $3.8 million, but only five bidders showed up to the auction, held over the weekend.
Yet, after more than 200 bids, the property finally sold for a whopping $4.29 million, a cool $690,000 above the reserve.
A couple and a family battled it out initially, until offers reached $3.91 and the couple pulled out. Then another family entered the fray, and the bids leaped in mostly $1000 increments – two families sparring until the victors took it at $4.29 million.
Auctioneer Scott Kennedy-Green told the Sun Herald: “Investment grade stock is good buying at the moment so sellers have to be sharp with their prices but A-grade properties that attract families are selling well.”
Selling agent Mark McPherson of McGrath-Coogee said more than 100 families had inspected the home prior to auction.
“There aren’t many homes like it where you get the ocean view and the ocean breeze coming in,” Mr McPherson said.
“In the end it was two families that really wanted the home so it turned into a real battle.”