A young family has outbid a developer to buy a Maroubra bungalow with ocean views for $7 million, $500,000 above its reported guide, after three bidders went head to head at auction.
Neighbours Turn Out for the Auction
About 70 people, many of them neighbours, turned out for the auction of 48 Mermaid Avenue on Saturday, 24 October. Ray White Eastern Beaches director Angus Gorrie said plenty of locals watched on. Three bidders had registered, and all three took part.
How the Bidding Played Out
Bidding opened at $6.3 million and climbed in steps of $100,000. One owner-occupier bowed out at $6.6 million. A second owner-occupier took over, and the contest became a race against the developer. The developer reached $6.925 million, then stopped. The family’s bid of $7 million won the keys.
Gorrie had expected a price between $6.5 million and $6.6 million, so the result pleasantly surprised him. He said the buyer plans to knock the house down and build a new home. Another local bidder also hoped to build a dream home on the site, he said.
What the Listing Says About the Home
The listing describes a three-bedroom California bungalow from the 1920s, listed for the first time. It sits on a block of about 482 square metres with a 13.89-metre frontage. The original double-fronted style is intact, and there is a lock-up garage. From the property, the views run across Lurline Bay to North Bondi. Buyers could extend at the rear or add a second storey, the listing says, subject to council approval.
Location was a big part of the pitch. The listing puts the northern end of Maroubra Beach within an easy walk and notes access to the coastal walk towards Coogee. Mahon Pool is about 550 metres away. It adds that Maroubra Junction’s shops, cafes, transport and schools are close by.
The Agent’s View of the Market
Gorrie said the result shows buyers will pay for location in any market. In a stronger market, he said, around 10 bidders might have turned up. He believes the price would have been the same. Domain reported that wider market uncertainty has been keeping auction crowds smaller.
Published Date 27-October-2026
