Nothing was going to stop one young family from purchasing a beachfront home in Freshwater on Saturday, not even when the bidding soared $1.3 million above reserve.
Footsteps from the sand at 50 Ocean View Road, a crowd of about 200 watched on as the hammer fell at $5.4 million – the highest price ever achieved for a home in the northern beaches suburb.
Sixteen parties registering to bid on the 410-square-metres property, which had been advertised with a price guide of $3.6 million to $4 million.
Bidding opened at $3.7 million and cleared the reserve price of $4.1 million “before anyone could blink”, according to selling agent Anthony Calacoci of Belle Property Manly.
The bidding went up a million dollars in 20 seconds with two parties competing for the home above the $5-million mark. Mr Calacoci said the result was “mind-blowing” and that he “almost fell over” when he realised how high the price had climbed.
“I’ve never seen anything like that auction. We gave out 22 contracts before the auction but I had no idea there would be so many who registered to bid. People order contracts like they’re ordering coffee these days.” Related: Northern Beaches the star of packed Sydney auction weekendRelated: First-home buyer couple nab Crows Nest apartment for $701,000Related: Freshwater auction a lonely affair with only one bidder
Mr Calacoci said the house was one of the suburb’s last 1940s beachfront cottages still standing.
“You’re not going to come across a site like that again and people just saw that there are two really nice houses on either side that had been really beautifully built and could imagine their own dream home.
“Freshwater basin’s just gone crazy in the last two years. I think you can still get more for your money here than in Manly,” he said.
The three-bedroom brick house is still in original condition and came complete with 1950s-style kitchen decor.
But it may not be standing for much longer, given the new owners plan to build a new family home on the block.
The deceased estate had been in the Armstrong family for 40 years.
Solicitor Joe La Cava, the co-executor of the estate on behalf of the Armstrong family, said while everyone was happy with the price, it was an emotional moment for the vendors.
“I think there is a bit of a sadness in moving on for each of the beneficiaries because they’ve got fond memories of living there and children and grandchildren have grown up there.
“I think people were surprised at the price but the location speaks for itself. It’s really only about four strides and you’re on the sand,” he said.
The home was one of 993 Sydney properties scheduled to go under the hammer on Saturday.
Domain Group recorded a clearance rate of 66 per cent from 516 reported results.
Over the past six months Freshwater’s median house price has soared to $2,460,500, according to Domain Group data.
The suburb’s previous record was set in 2015 when a four-bedroom home at 63 Undercliff Road sold for $4.8 million.