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3/128 Ramsgate Avenue, North Bondi, was sold at auction for $1.3 million. Then the agent sold three more at the same price.
A 26-square-meter North Bondi small studio facing Bondi Beach was sold at an auction for $1.3 million last night, and the broker immediately sold three other studios in the block for the same price.
“This must be a recording studio record for a 26-square-meter apartment,” said Craig Pontey of Ray White Double Bay.
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There is only enough space for a bed, a sofa, a dressing table and some shelves, and there is no parking lot, but it has only 52 steps, and you are on the most famous beach in Australia.
This is a windfall for an overseas supplier who owns all four studios with a view of the beach above the 128 Ramsgate Avenue store. She made $5.2 million.
Property records show that Wendy Vasl is now an oncologist in Israel and purchased the third unit and three other studios for $225,000 each in 1996.
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The third unit is on the first floor. The other three sold are the other three facing the beach.
It only takes 52 steps to complete.
Pontey and partner broker Violet Farebrother had 11 registrations before the auction, four of which were competing.
The opening price is 700,000 USD, and it will increase in increments of 50,000 USD and 25,000 USD. In the end, it was reduced to two, one offering $50,000 and the other offering $5,000.
After the gavel fell, the highest bidder bought the neighboring apartment, and the lower bidder bought the two upstairs.
Both are local investors.
These studios are currently rented out for $1911 a month, but tenants can check rent increases when the lease expires in September.
There is only enough space for a bed and a few pieces of furniture, and there is no parking lot.
The iceberg is at the other end of the beach.
Three months ago, the last unit sold in this building was $501,000, but it was at the back of the block and there was no view.
The 1.3 million USD unit 3 last night easily surpassed the reserve of less than 1 million USD, which is equivalent to as high as 50,000 USD per square meter.
Raine and Horne Double Bay/Bondi Beach head Ric Serrao sold a large number of apartments in the area. He agreed that this was a good result, but he sold a bedroom in the area for nearly $70,000 per square meter—— Not a studio apartment.
In 2018, Mark Moran, co-owner of Mark Moran Group, an elderly care organization, purchased a combination of three penthouses on Ramgate Avenue. They are two 53-square-meter apartments and one 55-square-meter apartment. The selling price of US$11.5 million is equivalent to slightly more than US$69,000 per square meter.
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