Maroubra house with potential for renovation sells for $2.9 million

Papas said the recent interest rate rise affected buyer confidence at this price point.

“Six months ago, there was no stock and lots of people wanting to buy, but people were getting a bit shy of showing up [at auction] because they may not have a chance to bid,” he said. “Even a month ago, we had 22 auctions scheduled and we sold 12 properties prior. There’s a bit more ease in the market.”

At Brighton-le-Sands, a renovated three-bedroom apartment in a 1970s block sold for $1,165,000 to an executive who plans to live in the property.

The apartment at 31/4-10 The Boulevarde is a short walk from the beach, with views across rooftops to Brighton-le-Sands beach.

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Four bidders registered on Saturday, with one dropping out after bidding began. The apartment had a guide of $950,000 and a reserve of $1.05 million. Bidding opened at $950,000.

A sales agent for McGrath St George, Aaron Bird, said the water views were a strong selling point, as was the age of the block.

“There are a lot of three-bedroom apartments that come up [for sale] but only two or three a year with these kinds of views,” he said. “People feel safer with these older-style blocks given they have been there for a long period of time.”