Sky-high result: Why this two bedroom apartment sold for $1m+ over reserve

A two-bedroom apartment in the heart of Sydney’s Bondi Junction has set a staggering new benchmark for competitive bidding, selling for $3,210,000 – 50% above the vendor’s reserve price.

The sale set a new Bondi Junction record for a two-bedroom apartment, achieving more than a million dollars above the reserve of $2,140,000.

Selling agent Nicholas Armstrong-Smith of Century 21 oversaw the hotly contested auction. He spoke with realestate.com.au to unpack the factors that drove this extraordinary result.

The Property: A two-bedroom, two-bathroom, one-car space apartment at 1907/83-85 Spring Street, Bondi Junction, NSW. It sold at auction for $3,210,000 on 27 September 2025.

Set across 144sqm, the newly refurbished residence boasts northerly harbour views and five-star facilities including a pool, tennis courts, gym and sauna.

Suburb snapshot: The median price for a two-bedroom unit in Bondi Junction was $1,460,000 in September, according to PropTrack data.

Bondi Junction’s median house price has seen a decline of 6.7% in the past 12 months to $2,780,000. Units (all beds) have jumped 6.6% to $1,290,000.

What is the most interesting thing about this sale?

The way it appealed equally to such a wide buyer audience. It’s not often a property generates such strong, uniform interest from investors and homeowners alike of all ages and life stages. It was the complete lifestyle package: the views and the highly regarded facilities.

Were you surprised by the result?

My team and I discussed the expected result before the auction. We sold a two-bedroom in the building earlier this year for $2.3 million, so we thought this apartment, being higher up, might reach the mid-$2 millions in the current buoyant market.

So, achieving $3.21 million for a two-bedroom apartment exceeded our expectations and sets a new Bondi Junction record for a two-bedroom apartment, achieving $1.11 million above reserve.

How long was the property on the market?

The property was on the market for 24 days. We didn’t receive offers as the property was listed to sell at auction, and in the end, there were 5 parties registered to bid on auction day, which reflected the broad interest we saw throughout the campaign.

What was the initial feedback you received from potential buyers?

We launched the campaign with a VIP open home that attracted 25 groups straight away. From the outset we received positive feedback — buyers were impressed with the sweeping views and the apartment-wide balcony, and many complimented the kitchen renovation and styling which helped them imagine living there.

The building’s five-star facilities also drew strong interest, with a number of potential purchasers buying the strata report immediately.

What do you believe was the key factor led to the final sale price?

The standout feature in my opinion is the approximately 12-metre balcony spanning the entire length of the apartment. Being on level 19, it provides an abundance of northerly natural light and district views across the harbour to the Harbour Bridge.

The key factor, however, was that Eastgate Gardens is a unique building with spacious grounds that include manicured gardens, a running track, heated outdoor pool, gym, spa, sauna and two tennis courts.

Combined with the apartment’s size, layout and views, this made it highly desirable across all buyer groups.

What kind of buyers were you seeing at the open homes?

We saw consistent interest and strong attendance at the open homes throughout the marketing campaign across all buyer demographics: downsizers, upgraders, investors and home seekers.

The broad appeal of this apartment was reflected in the determined and competitive bidding on auction day, leaving us with a list of clients who still really want to own a property in this building and surrounding complexes!

Any future predictions for this area?

I absolutely think this sale result is an indicator of the wider Bondi Junction market. We have sold and managed properties here for nearly 20 years and have seen a lot of growth. Bondi Junction continues to perform strongly, driven by consistent buyer demand and limited supply.

As the retail and transport centre of the Eastern Suburbs, with a variety of property options, it has enduring multigenerational appeal. I can only predict that as a suburb it will continue to get better over time and I look forward to being part of it.

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