Sydney auctions: Tamarama property that last traded for $29.2m resells for $20.25m

An oceanfront residential site in Sydney's Tamarama has changed hands at auction for a sharp discount compared to its previous transaction. According to reporting by Smh and The Age, the property located at 9 Kenneth Street sold on Saturday, September 27, 2026, for $20.25 million in a mortgagee-in-possession auction. The same asset previously traded hands in 2022 for $29.2 million, when it was purchased by hotelier Diane Maloney.

The distinctive property sits directly against the famous Bondi to Bronte walk, featuring no intervening road separating the structure from the ocean. Configured as a block of five apartments alongside a standalone beach shack, the asset was marketed as a blank canvas for a potential buyer to create a dream home. The home was offered with a price guide of $20 million.

Ownership of the site was tied to the corporate entity Winchester 2 Pty Ltd. Australian Securities and Investments Commission records list the organization as under external administration with Costa Nicodemou of Newpoint Advisory appointed as receiver manager. Two mortgages are listed on the title. Maloney, a Point Piper local known for her generous parties, faced wider financial disputes involving contractors, professional advisers, and receivers of her Plaza Hotel business. Receivers are collectively pursuing business debts linked to Maloney said to total $100 million, with the Plaza Hotel also listed for sale under Nicodemou's management.

The Saturday auction drew three registered bidding parties who all actively participated. Proceedings opened at a bid of $16 million, climbing through million-dollar increments before moving to smaller jumps of $500,000 and $250,000. While the initial reserve price had been set at $24 million, Ray White (Phillips & Co) director Alexander Phillips noted that the vendor decided to adjust the reserve to sell. A family from Strathfield ultimately secured the keys under the hammer for $20.25 million. The underbidder was a developer from the Hills district, while a third party was an Australian man based overseas.

"It is a rare, once-in-a-lifetime opportunity to live on the waterfront in Tamarama,"

Alexander Phillips, Director, Ray White (Phillips & Co), via Smh and The Age

Phillips added that there are not many beachside areas in the eastern suburbs without a road in front of the residence, noting that the site features just a walkway. Speaking broadly about market conditions, he observed:

"It definitely feels like it has levelled out. It is still extremely difficult."

Alexander Phillips, Director, Ray White (Phillips & Co), via Smh and The Age

Auctioneer Damien Cooley of Cooley Auctions conducted the proceedings. Cooley stated:

"What we saw yesterday was the registered bidders compete for the property and market value was determined in the current market conditions."

Damien Cooley, Auctioneer, Cooley Auctions, via Smh and The Age

Across the wider metropolitan area, auction activity reflected broader caution. Domain recorded a preliminary auction clearance rate of 51 per cent derived from 653 reported results out of 1029 scheduled auctions throughout the week. A total of 232 auctions were withdrawn and counted as unsold properties in the final calculation. Industry figures noted that this result sits below the key 60 per cent threshold considered to represent a market balanced evenly between buyers and sellers.

In Caringbah, a renovated two-bedroom apartment at 4/1-3 Jacaranda Road with a courtyard surpassed its $900,000 reserve price. Four registered bidders participated after an opening bid of $800,000, with a young first-home-buying couple ultimately paying $915,000. McGrath Cronulla selling agent Mitch Kenyon described the first-home buyer segment as relatively robust, pointing to available government assistance schemes.

"They are going to own the property for some time so it is not a bad time to be buying,"

Mitch Kenyon, Selling Agent, McGrath Cronulla, via Smh and The Age

Kenyon added that there are still good buyers active and properties are continuing to sell. Meanwhile, in Baulkham Hills, a three-bedroom family home at 4 Evelyn Street drew five registered bidders, comprising three developers and two families. Listed with a price guide and reserve of $1.7 million, bidding opened at $1.5 million and climbed through incremental steps before selling for $1.78 million. Ray White Baulkham Hills selling agent Brandon Hay indicated that the winning buyers intend to demolish the existing structure and construct a duplex on the site, while two local families missed out on the property.

Hay described the local market as stable, noting that properties priced fairly and well continue to achieve strong results.