This article is from the Australian Property Journal archive
LISTED for $50 million, the sale of Tamarama point landmark, Lang Syne, has set a new record for Australian coastal properties.
The four-bedroom, two-bathroom 31 Gaerloch Avenue bungalow is located above the Bondi to Bronte walk on a 1,100sqm lot and is one of the largest privately held parcels on Sydney’s eastern suburbs oceanfront.
Held by a single family for 63 years, the 1924-built single-level home was on the market for seven months and includes much of its original finishes and a home-built outdoor barbeque.
Ken Jacobs from Forbes Global Properties exclusively managed the listing, with a guide of $42 million to $53 million, with the buyer represented by Simon Cohen from Cohen Handler.
With gag orders in place, the sale price is set to be announced at settlement, though the bungalow reportedly sold for close to the bottom end of the price guide.
The sale set a record for Sydney eastern beaches and oceanfront suburbs in NSW, with the previous Tamarama house price record set recently at $29.2 million and the nearby Bronte’s record set last month at close to $30 million.
With a neighbouring home at 23 Gaerloch Avenue, selling ahead of auction in September of last year for $11 million and another Tamarama home taking in $14.25 million this February.
Sydney continues to be a global hotspot for the world’s wealthiest buyers, ranking 10th in the World’s Top 10 Wealthiest Cities and recently beating out Geneva and Paris for super prime residential sales activity.
The Tamarama home was last purchased in 1959 for £9750 by radio personality, Harry Griffiths, who died in 2014 at 87. His wife, Dimity Griffiths, has lived at the home since their marriage in 1963.
“It’s been a wonderful part of our lives for so long, and the sale marks the end of an era,” said a statement issued by the family.
