South Coogee block bought in 1972 for $29,400 sells for $5.48 million at auction on Election Day

“We were very happy with the price. It’s just sad that it’s gone. But it’s fine to pass it on to the next person. My dad knew it was time to move on and help the next generation as well,” said Susan Chu, one of the seller’s six children.

She said her parents bought the land in 1972 for $29,400 and built the house there.

Four of the six Chu children, plus some of their rear children, who have grown up in their beloved family home since 1972. (LR Kyle, Susan, John and Colin Chu)Credit:Peter Rae

The Chus were nervous about their auction taking place on election day, but said it ended up going very well.

“We were nervous about election day, as well as the current climate with falling house prices and rising interest rates,” said John Chu, another of the adult children. “How many people are going to be scared because today is a very busy day? »

The six-bedroom, 676-square-meter home has attracted a large number of buyers, Pattaro said.

“These premier homes are always going to perform and surprise everyone and today’s result is a true reflection of that as it appeals to different types of buyers,” he said.

A dozen buyers have registered to bid on the property.

A dozen buyers have registered to bid on the property.Credit:Peter Rae.

“If there is any reluctance on the part of buyers, it is because of interest rates and the greater choice of stocks, nothing to do with [the] election.”

The property was sold by Phillip Elmowy of Ray White Maroubra and South Coogee, who said no buyer had mentioned concerns about Election Day.

Coogee’s median home price rose 20.8% to $3.8 million in the year to March 2020 on domain data.

In the west, local investors bought a house at 176 Victoria Street, Smithfield for $1.11 million.

Seven parties have registered to bid on the three-bedroom property in its original condition, which has been guided to the reserve price of $1.1 million.

The auction opened at $950,000 as four of the buyers made “short sharp” bids and it was over within minutes, according to LJ Hooker Edensor Park sales agent Darko Horvat.

“I don’t think they were fazed [with the election]no matter what, life goes on,” Horvat said, adding that interest rates and the cost of living were more on the minds of buyers.

“If you had asked me two weeks ago, I wouldn’t have known the price of lettuce. Everyone keeps talking about it. »

Smithfield’s median home price rose 16.7% to $910,000 in the year to March 2022.

In Wetherill Park, a young family bought a three-bedroom house at 9 Binyon Close for $1,316,000.

A dozen parties registered to bid, five of which made offers as the bidding started at $900,000.

Cooley Auctions auctioneer Michael Garofolo said he sensed little reluctance from bidders. “Come on Monday, whether the Libs are still there or Labor are still there. interest rates will rise further.


“Buying and selling is obviously a long-term proposition. You must accept that there will be a change in government and interest rates over the 30 years of your loan. People have accepted it and are getting into it. »

The property last traded for $412,000 in 2003, records show the price has tripled in 19 years.

Wetherill Park’s median home price rose 17.1% to $995,000 in the year to March 2022.

In Cronulla, a one-bedroom apartment changed hands from one investor to another for a handsome paper profit of $122,000 in just one year.

Six parties, including first-time home buyers and investors, have registered to bid on the property at 7/59 Gerrale Street.

Bidding started at $800,000 – well below the $900,000 guide – but the price eventually climbed beyond that.

It sold for $962,000 – $12,000 above reserve – to an investor who plans to continue renting it in the short term.

It last sold for $840,000 a year ago almost to the day, records show.

Steve Beattie of McGrath Cronulla said he opposed the apartment trend because it was beachfront property with investors in the mix.

Cronulla’s median unit price jumped 24% to $1.15 million in the year to March 2022.

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