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

“We were very happy with the price. It’s just a shame it goes. But it’s good to move it to the next person. My father knew it was time to move on and help the next generation too,” said Susan Chu, one of the salesman’s six children.

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

Four of the six Chu children, along with some of their children in the back, have grown up in their beloved family home since 1972. (L.R. Kyle, Susan, John and Colin Chu)Credit:Peter Rae

The Chus were nervous about their auction being held on Election Day, but said it turned out really well in the end.

“We were nervous about Election Day, as well as the current environment with falling real estate prices and rising interest rates,” said John Chu, another of the grown children. “How many people will be shocked because today is such a busy day?”

The six-bedroom house at 676 square feet was a big draw for a cross-section of buyers, Pattaro said.

“Those first-class homes will always perform and surprise everyone and today’s result was a true reflection of that because it suited different types of buyers,” he said.

A dozen buyers signed up to bid on the property.

A dozen buyers signed up to bid on the property.Credit:Peter Rae.

“If there’s any backlash from buyers, it’s the fact of interest rates and more stocks to choose from, nothing to do with [the] election.”

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

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

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

Seven parties have signed up to bid on the pristine three-bedroom property, which was escorted at the reserve price of $1.1 million.

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

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

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

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

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

A dozen lots signed up to bid, with five bidding when the auction started at $900,000.

Cooley Auctions auctioneer Michael Garofolo said he felt little reluctance from bidders. Come Monday, whether the Libs are still here or Labour. Interest rates are still going up.”

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“Buying and selling is of course 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 working on it.”

The property last traded for $412,000 in 2003, data shows, the price tripled in 19 years.

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

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

Six parties, including first home buyers and investors, have signed up to bid for the property at 7/59 Gerrale Street.

Bidding opened at $800,000 – well below the $900,000 guideline – but the price eventually climbed further.

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

It was last sold for $840,000 a year ago, almost to this day, the data shows.

Steve Beattie of McGrath Cronulla said it went against the trend for apartments because it was a beachfront property with investors in the mix.

Cronulla’s median unit price is up 24 percent in the year to March 2022 to $1.15 million.

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