A local family beat two other bidders for the cliffside family residence in a coastal hotspot.
A four-bedroom cliffside family home in Coogee with views from every level sold at auction for $10.5 million on Saturday.featured horse racing memorabilia and artistic supplies, and attracted three bidders at auction, all owner-occupiers.
Selling agent Sam Capra from Ray White Park Coast East sold the property in collaboration with Bethwyn Richards from The Agency Eastern Suburbs.Capra declined to share the reserve but said the buyers are a local family from Randwick. The vendors will be looking to downsize to a luxury apartment now that their children are grown.
Bidding opened at $3.8 million, with two people bidding until $3.93 million was reached. The vendor had a vendor bid of $4.2 million but as the land value was $4.1 million decided to let it pass in.“The buyers were nervous to be in an auction. They wanted to negotiate afterward,” she said.The property sold to the highest bidder for $4.3 million after the auction. They did receive a higher offer of $4.
“This week perhaps the market is a little bit nervous because the cash rate is coming out on Tuesday,” she said.
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