A modest bungalow in Maroubra with ocean views sold at auction for $7 million on Saturday, well above its $6.5 million reserve, after a developer competed with two owner-occupier bidders. The buyer plans to demolish the house and build a new home. Ray White director Angus Gorrie said the result surprised him. Across Sydney, Domain recorded a preliminary clearance rate of 45 per cent from 490 reported results, with 184 auctions withdrawn. In Como, a family upsizing bought a five-bedroom home for $3.14 million, while an Alexandria apartment sold for $1.31 million after being passed in.
Ronan Keating and his wife Storm have lodged development application plans with council for a new three-storey home to replace their Tamarama beach cottage. The five-bedroom property was bought under Storm's name for $6.3 million, and is understood to be an investment. The architectural plans say the existing building is structurally unsound. In Double Bay, the late Ervin Vidor's widow Charlotte Vidor has listed their penthouse with a price guide of $21 million. A former governor's Snowy Mountains home is also on the market with a $950,000 price guide.
