Less than six months ago, a two-bedroom apartment in Coogee sold for a record-breaking $3.2M. But back in 1909, things were a bit different.
Incredible vintage auctions posters provide a window into the world of Sydney real estate over 100 years ago, with swathes of seaside land going under the hammer for next to nothing.
Though it’s hard to find a space to park your car these days in the Eastern Suburbs, back then whole beachside blocks were practically being given away. Though the terms of sale differed depending on the location, all auctions had two things in common: they always kicked off at 3pm and lunch was provided. If you were lucky, there’d also be a band playing. How civilised.
Take Sea Bather’s Estate, Little Coogee (today known as Clovelly), for instance. Consisting of sloping grass land, over 30 lots with a perfect view went up for sale on March 13, 1909, with the terms as follows: £1 deposit, £1 per month, 5% interest, and assistance given to buyers who at once build their own houses.
On March 27th, the Coogee Glen Estate—comprised of “39 Choice Allotments” with frontages to Alison, Brooke Division and Mount Streets—went under the hammer. According to Hardie & Gordon Auctioneers, the unlocking of this fine estate afforded buyers “the opportunity of acquiring at auction a block of perfect building land with glorious ocean views in the popular and progressive suburb of Coogee.”
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Among ‘facts worth special notice’ listed on the poster are the lots exceptional depths, amazing views, and how much you’ll save on doctor’s bills thanks to Coogee’s breeze. Just goes to show agents have always possessed the gift of the gab.
Over in Manly, the Loop Estate offered ‘fine views of ocean and harbour’ & ‘rich deep soil’, with old mates Raine & Horne overseeing the auction on the ground. On Sydney Road, where the median house price today sits at around $4.5M, the terms of sale were a 10% deposit, balance in three years, monthly or quarterly payments at buyer’s option and 4% interest.
Over in Avalon, beachside blocks were on offer for private sale only, because even then, the far northern beaches refused to mix with the general public. One estate sale poster even touted the text: “Remember the slogan: Cronulla was, Palm Beach is, Avalon will be.” With a current median house price of $3.1M, I’d say they were onto something.
By 1918, sale terms were a little less lax, at least in Maroubra.
When a few beach side blocks went up for auction on the 12th of January (as always, at 3pm) a deposit of 25% per lot was required, with balance in 3 equal annual instalments, interest at 5% per annum, and upset prices ranging from £4-£8 per foot. That equates to about $30,000 in 2022. Meanwhile, last May, a family home in Maroubra sold for $6.45M, $950K above its price guide. And the agents didn’t even offer lunch. How times have changed.
