‘An incredible appetite’: Bondi Beach luring investors as rents rise
21 Hastings Parade, Bondi Beach is going to auction on November 28.
This Bondi Beach block that houses six one-bedroom apartments has been in the Boyd family since the Depression era. It’s expected to be hot property when it goes under the hammer in a few weeks.
Property records don’t indicate what the owners’ grandfather paid for the land at 21 Hastings Pde, but the flats, named Lomar, a blend of the grandparent names Lillian & Omar, weren’t built until circa 1940.
The units have been a nice-little earner for his two-grandkids, with the units attracting rents of $550 a week.
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The building is named after the owners’ grandparents.
It’s just a few blocks from the beach.
The one-bedders rent for $550 a week.
The property has now hit the market for November 28 auction with a $4.7m price guide via the Colliers team of Matt Pontey and Miron Solomons, who say a spate of unit blocks have come to the market recently.
“We’re currently seeing an incredible appetite for well-located apartment blocks with major upside in rents, especially given the current rental climate,” Mr Pontey said.
Mr Solomons added: “The east has always been a go-to destination for investors and these properties provide a secure income stream with all the fundamentals for future growth and strong demand.
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Full of charm.
They’ve been owned by the same family since the Depression.
These assets are currently popular with investor buyers.
The pair recently sold a block of five apartments at 47 Imperial Ave, Bondi, for $5.35m, for a gross yield of 3.1 per cent to a local eastern suburbs investor.
The agents argue beachside apartment blocks have become one of Sydney’s most sought-after
commodities, as purchasers search for a haven to invest their money in.
“These often-intergenerational assets offer a fantastic price point for a number of buyer types, including mum-and-dad investors who may be priced out of other alternatives.”
Their recent sale in Imperial Ave generated strong interest from both local and interstate investors seeking a secure investment in Bondi, with three active bidders and robust competition.
