Manly locals have paid more than $15.5m at auction for a Manly apartment, more than $4m above its guide and the highest price ever paid for an apartment on the northern beaches.
Ten registered bidders stood in the main living area of 1/110 Bower St, eyeing each other at the onsite auction of the freehold oceanfront residence.
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Bidding opened at $11m, the advertised guide, but within 10 minutes bids had leapt up to $15m and the hammer fell at $15.55m.
Agent Jake Rowe, of Rowe Partners, declined to confirm the sales price but Manly locals are agog at the sum and the result is the talk of the street.
“I never thought it would reach the price that it did but expected we might get between $12m and $13m,” he said.
Weeks before the auction Mr Rowe he said he thought the four-bedroom Vince Squillace designed unit might set a record for an established apartment in Manly.
However 1/110 Bower St set a new record for all apartments in Manly and is the highest auction sale on the northern beaches.
“The top end of the market is still strong where buyers are not borrowing,” he said.
In a street with many leasehold properties the luxury freehold residence facing northeast to Shelly Beach and with point blank views over the sea was always going attract strong interest.
It is believed the new owners will live in the ground floor apartment permanently.
Meanwhile on the same day another freehold apartment in Bower St, Manly sold for millions more than its original guide.
The three-bedroom apartment at 17/122 Bower St, in the famous Blue Dolphins block, was due to be auctioned last Saturday but thanks to strong interest the auction day was brought forward and the original guide of $5m to $5.5m was lifted to $6m.
Cherie Humel, of Clarke & Humel Property, said 25 contracts were handed out on the apartment, mostly to couples downsizing to Manly.
Six parties registered to bid at the onsite auction. Bidding opened at $5.75m and after $6.8m just two bidders fought it out.
Buyers from Northbridge paid $7.35m for the apartment which they will use as a holiday pad.
“It is an astonishing price, Manly prices are going gangbusters,” Ms Humel said.
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Originally published as Luxury Manly oceanfront apartment sells more than $4m over guide
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