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A time warp apartment in Ramsgate Beach – complete with the original 1960s kitchen, wood panels on the walls and a popcorn ceiling – has been catapulted into the 21st century with a $1.142m price at auction.
The price came as something of a shock to the long-time occupant, who had been there since the early 1970s and was expecting about $1m for the home, according to the selling agent.
Eleven bidders registered for the auction of the Chuter Ave home, which was under the hammer for the first time in more than 50 years through Nicholas Economos of Ray White-Rockdale.
Mr Economos said it was a popular home because it offered three bedrooms in a pocket of Ramsgate Beach close to the waterfront, where properties rarely came up for sale.
![Ramsgate Beach auction](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
Auctioneer Perry Edmondson-Clark calls bids on the Chuter Ave unit in Ramsgate Beach. Picture: Tim Hunter.
The bidders were a mix of first-home buyers, investors and downsizers – all of whom wanted to renovate the property to varying degrees.
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“You’d need to spend at least $80,000 to bring it up to a modern standard, but you could easily spend up to $200,000,” Mr Economos said.
He added that, despite the strong interest at the open for inspections, the price was higher than expected.
A much larger three-bedroom unit that was renovated and located on a quieter nearby street had sold in November for $1.23m, Mr Economos said. “To get only $88,000 below that wasn’t something we thought was likely because the other property had an extra garage and didn’t require any work,” he said.
The unit was in original 1967 condition.
Groovy: the Ramsgate Beach unit attracted 11 bidders.
The seller told The Sunday Telegraph that letting go of an apartment he had called home for decades was bittersweet.
“It’s lovely here. The outlook is beautiful. I’ve been here a very long time. But it’s time to move on … I’m very happy with the result,” he said.
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Auctioneer Perry Edmondson-Clark said attracting 11 bidders was a “phenomenal” achievement considering listings have been increasing.
“There is a lot more stock on the market now,” he said. “We’re up about 30 per cent compared to March 2023. The market still has a strong feel but it is very property and area specific. Buyers are there and want to transact, but it has to be the right property.”
A crowd came to watch the auction, including 11 bidders.
The Ramsgate Beach home was among close to 900 properties that went to auction across Sydney this week, a 26 per cent rise from the same period last year. New listings on realestate.com.au were up 38.8 per cent last month, Sydney’s busiest February for listings since 2012.
In the northwest, a dated brick house on a West Pennant Hills land parcel described by the auctioneer as “an outstanding block of dirt” sold under the hammer Saturday for $2.205m.
Auctioneer Michael Garofolo of Cooleys, who called the auction on behalf of Killara Real Estate’s Vera Wong, said it was a huge price considering the buyers only wanted the land.
“Anything above $2m, if you were only interested in knocking down the home and rebuilding, is a big price for that property,” he said. There were four registered bidders, but only two made offers.
27 Fairburn Ave, West Pennant Hills sold for $2.205m.
Auctioneer Tim Snell at 2 Gilpin Street, Camperdown, which sold for $3.75m.
In the inner west, an early 1900s shoe factory that was converted into a grand four-bedroom house sold under the hammer Saturday for $3.75m – with the sole registered buyer bidding against himself.
A crowd of about 30 people watched the designer home in Camperdown go to auction.
Agent Matthew Carvalho of Ray White-Glebe said it was a good result but the market was cooling. “(It) doesn’t feel as hot as it did a few weeks ago,” he said. “It’s very property specific. The renovated properties are doing very well.”
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