Back in 1985, I began my real estate career working for one of Australia’s largest franchise groups on Bondi Beach. There were no billionaires sharing the sand and surf as there are today.
Here’s a look back at some of the memorable Bondi Beach real estate sales I’ve made, and how property values have changed over the years.
In the years since, Tamarama has seen two new records: the sale of Lang Syne at 31 Gaerloch Ave, Tamarama, sold $47 million circa and the sale of 9 Kenneth St Tamarama for $29.2 million.
We had no computers, internet or CRM.
Back then, real estate offices were located in a busy shopping hub or on a main road with big window displays of properties for sale. We relied on clients’ walk-ins and telephone inquiries.
If you were on the hunt for a home, you would contact various local agents based on their brand name, and browse through the Saturday real estate section in Sydney Morning Herald and the Wentworth Courier.
In today’s world, you can view most homes for sale in your area instantly by visiting Domain, realestate.com.au, or agents’ websites. So, the name of the agent or the agency no longer matters as much as it did back then.
With the online world dominating how we search for products and information, buyers today can quickly decide if they’ll attend an open home by watching the property via video online. It’s recommended that sellers have their properties professionally photographed, sometimes with drones and other cool functions.
When I started in 1985, technology meant cable television, Fax machines and a personal computer. I didn’t see any home theaters, and no smart homes either.
In my observation, people have more money to spend on houses now than they did in 1985. That’s partly because interest rates are lower today (even with recent rate rises) than when I started (interest rate 12.43% pa) – but it’s also partly because eastern suburbs residents have gotten wealthier.
The trend goes beyond technology in our homes, to high-end finishes, architect-designed renovations, pools, and gardens. A small block of land has recently caught on, but we want more internal space. As a result, more people want a home office, and outdoor space. Many are creating their own “grand design” since the pandemic.
The eastern beaches have always been great places to live, but when I started working in 1985, they didn’t have quite the same appeal. Over the past 30 years, suburbs like Bondi and Tamarama have experienced incredible growth, with prices increasing up at an astounding rate.
Another thing to note, many of the most expensive properties these days aren’t mansions at all. They’re penthouses in exclusive buildings like the $24 million penthouse sale at 3/ 8- 10 Notts Ave Bondi Beach, which raised Australia’s residential per square metre price by over $126,000.
