The record property price for Randwick has been smashed again – the fourth time in less than a year. A young expat family recently based in New York paid $8.5 million for a five-bedroom house at 9 Fraser Street. They beat four other buyers keen on securing the handsome 1910 home on a level 620-square-metre site about five minutes from Coogee and Bronte beaches.

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McGrath Coogee agents Mark McPherson and Emilee Tayyara sold the property within 48 hours of listing it. The pair took 30 buyers through on private inspections.

Ms Tayyara said the limited stock in the suburb has been a significant factor in the rapid price gains.  “Only a few properties come up and finding a decently sized block in the area is rare,” she said. “We have a lot of buyers looking to secure their trophy home,” she said.

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Buyers are quick off the mark once a house is listed in Randwick. The McGrath team are seeing a mix of locals upgrading and international buyers returning to Sydney since the onset of Covid. “They’re looking for the freedom we have here,” noted Ms Tayyara.  “There is really good opportunity for sellers right now.”

The price achieved by the McGrath team was $1.2 million above the previous suburb record set when 8 Bishops Avenue sold for $7.3 million in February.

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Randwick has become one of Sydney’s hotspots for buyers wanting both quick access to the eastern beaches of Coogee, Clovelly and Bronte as well as proximity to the city’s CBD. The suburb also abuts Centennial and Queens parks, a big drawcard.

The home was sold by the Cleary family, owners of a well-known newsagency chain in the Mascot/airport area. After 30 years of living in Fraser Street, they are downsizing.

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