WOW! What an auction to have witnessed today. If you missed it, here is the run down...and I've included the video at the end!

The property

3/32 Mount St Coogee is a 2 bedroom unit. Nothing more, nothing less. It has 1 bathroom, the sunroom shown as a 'study', a garage and space to park a 2nd small car. It also has a 'stoarge' room, (think kids play area) downstairs in the basement - not a space the Council would ever approve to be a bedroom. It was renovated for sale - so renovated, but in a cheap, quick kind of way. It doesn't have a balcony or any outdoor area on title. It is positioned on a busy street corner, and an 11min walk down to Coogee Beach.

Price Guide

• The price guide was set at $1,050,000 and did not change throughout the campaign. A price guide, should reflect recent comparable sales and provide a benchmark as to the expected final sale price.
• The most comparable sale in the last 6 months was 7/102 Dudley St, Coogee, a 2 bed + study, 1 bath, 1 car with no outdoor space. It sold for $1.250. $250,000 more than what the price guide was for 3/32 Mount St!
• There was another property, inferior location, at 9/146 Oberon St Coogee that sold for $950k in Sept 2022. However, it is 47% smaller in size (62sqm vs 117sqm) and double the walk to the beach.
• A guide of $1,050,000 in Coogee would usually attract people who have up to $1.2 or perhaps $1.3m to spend

The result

A whole 90 seconds after the auction began, the price hit $1,500,000. This is an important point in the auction, because majority of the bidder's were first home buyer's and this is the price point at which they would lose access to the annual stamp duty tax. No need to worry about that though, because they weren't buying it at $1.50m.

The final bid - $1,520,000. SOLD.

The successful bidder was an Eastern Suburbs local.

That price is 44% higher than the price guide!

Was that the best use of $1,520,000 for a 2 bed apartment in Coogee? I'm not sure what requirements the buyer had, but overall, you could do better with that money in this market.

• 1/9 Glenwood Ave Coogee recently sold for $1.499 with a 2nd bathroom & a massive outdoor garden.
• 5/286 Arden St Coogee recently sold for $1.50 and is a 3 bed + study with balcony and a communal rooftop with beach views.

How do you avoid being one of the 29 people registered who went home confused at what they just witnessed?

Engaging an industry professional who buys property in this market every day, will make sure you are not wasting your time and energy on properties that you can't afford.

I offer a free 15-20min Buyer Consult if you are interested to find out more, click here to book.