10 May 2023 | 2 mins

Australia’s oceanfront record smashed: Tamarama bungalow Lang Sayne sells for about $45m - realestate.com

Australia’s oceanfront record smashed: Tamarama bungalow Lang Sayne sells for about $45m - realestate.com

A simple 1920s bungalow that sold for £9750 in 1959 has sold for the highest oceanfront price ever in Australia.

The four-bedroom home Lang Sayne at 31 Gaerloch Ave, Tamarama is on 1100 sqm of oceanfront reserve above the Bondi to Bronte walk with views up and down the coast.

The price guide was $47m-$52m and it’s understood to have fetched about $45m. It’s not known who the buyer is, but there’s speculation the purchaser is an expat blown away by the potential.

Forbes

31 Gaerloch Ave, Tamarama had been on the market for seven months.

The sales agent, Ken Jacobs of Forbes Global Properties, is overseas and can’t be contacted and Simon Cohen is known to be the buyer’s agent.

The property, which is on the market for seven months, was built in 1924 by George Wolf, a boot and shoe manufacturer.

The buyer in 1959 was radio funnyman Harry Griffiths, who starred in the comedy sketch McCackie Mansions with Roy “Mo” Rene.

Local agents couldn’t help when it came to trying to find out who the most recent purchaser is.

Forbes

23 Gaerloch Ave, Tamarama sold for $11m last September to Will Vicars.

It had been the billionaire fund manager Will Vicars who snapped up a humble semi at 23 Gaerloch Ave for circa $11m ahead of the scheduled auction last September via William Manning of Highland.

That, too, had incredible panoramic 180-degree views of the ocean, but was on just over 300 sqm of land.

Could Vicars also have snapped up this bungalow?

Forbes

9 Kenneth St, Tamarama fetched $29.2m.

Manning had held the Tamarama record for his $29.2m sale of an old apartment block of five units on the oceanfront at 9 Kenneth St in October 2021 to socialite Di Maloney.

The previous oceanfront record was $29.5m for James Packer’s bachelor pad on Campbell Pde, Bondi Beach, set in 2018.

According the latest Proptrack Home Price Index, national home prices continued to stabilise in April after rising for the fourth consecutive month, rising 0.14 per cent. The cumulative increase in 2023 is now 0.75 per cent. Strong migration, tight rental markets and limited supply are offsetting the impact of rapid interest rate rises.

Proptrack puts the median price for Tamarama at $8.1m, up 2.2 per cent over the year.