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Epic Bondi auction fields over 200 bids

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: โ€œInvestment 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.

โ€œThere arenโ€™t many homes like it where you get the ocean view and the ocean breeze coming in,โ€ Mr McPherson said.

โ€œIn the end it was two families that really wanted the home so it turned into a real battle.โ€

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