A four-bedroom home in North Bondi has sold for a cool $6.1 million – a whopping $900,000 above reserve.
A crowd of about 200 turned up to watch 31 Reina Street go under the hammer on Saturday, including 15 registered buyers.
It was one of 734 homes scheduled to go to auction in Sydney on the day.
By evening, Domain Group recorded a preliminary clearance rate of 88 per cent from 573 reported results, while 38 auctions were withdrawn. Withdrawn auctions are counted as unsold properties when calculating the clearance rate. It was the fourth Saturday in a row that the city’s preliminary rate climbed above 85 per cent.
An opening bid of $4 million kicked off the auction for the semi-detached house, and 10 bidders then pushed the price above the $5.2 million reserve.
By the time the bidding hit $5.5 million, just four buyers remained in the race.
The house sold for $6.1 million to locals from Bondi, according to selling agent Warren Ginsberg of Ray White Double Bay.
The result is believed to have broken the suburb record for a semi-detached home, he said.
The auction was brought forward by two weeks due to strong buyer interest, Mr Ginsberg said. More than 250 groups had inspected the property.
“The market is booming. There have been phenomenal results,” he said. “There’s a lack of choice for buyers and, with interest rates at an all-time low, there is a lot of demand.”
The 270-square-metre home was designed by architect Brian Meyerson and the interiors fitted out by Shelle Gordon, according to the listing.
The property boasts a custom-designed, state-of-the-art kitchen and bespoke cabinetry.
It last traded for $1.71 million in 2009, records show, and has been extensively renovated since.
The median house price in North Bondi rose 11.8 per cent over the year in 2020 to $3.185 million, Domain data shows.