Bidding Frenzy for Coogee Apartment Shows Ongoing Appeal of Beachside Living

Coogee apartment
Photo credit: Ray White

A modern Coogee apartment attracted plenty of interest at auction earlier this month, selling for $220,000 above its reserve price.

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The one-bedroom apartment at 4/36 Bream Street was built in 2004 and last sold in 2010 for $576,000. It went under the hammer on August 12, with bidding from eight of the 16 registered bidders pushing the sale price to $810,000.

The competitive auction demonstrates the enduring appeal of living close to Coogee Beach. Ray White agents said around 80 percent of buyers interested in the property were first-home buyers, drawn to the easy-living beach lifestyle Coogee offers.

Photo credit: Ray White

However, it was an investor who ultimately won the keys, recognising the strong rental potential due to the apartment’s proximity to cafes, restaurants, coastal walks and bus routes to the CBD.

Photo credit: Ray White

The one-bedroom unit was described by agents as “turnkey” and ready for its new owner to move straight in. It features a lock-up garage and parking space – both highly desirable commodities in the densely populated eastern suburbs.

“Basking in natural light and sunshine from a prized northern aspect and surrounded by enchanting leafy panoramas throughout, the property is superbly situated. An outstanding live in proposition, savvy investors will also realise the immense rental potential here,” says the listing for the property.

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Coogee has seen a cooling in prices over the past year, with the median price for a one-bedroom apartment dropping 15.4 percent to $785,000 from August 2022 to July 2023 according to the latest data.

Photo credit: Ray White

This recent sale suggests there is still underlying demand in the market from both investors and owner-occupiers looking to secure an affordable entry point into the Coogee lifestyle. Well-located properties close to the beach and village are still highly sought after.

Published 22-August-2023