October 25, 2026 — 5:00pm

A modest bungalow in Maroubra with coveted ocean views sold under the hammer for $7 million on Saturday after a developer locked horns with two owner-occupier parties and pushed the price far beyond the property’s reserve.

The three-bedroom house at 48 Mermaid Avenue was marketed with a guide of $6.5 million, the same as its reserve.

A crowd of about 70 people, including many neighbours, took up positions in the sunshine to watch events unfold. Three parties registered to bid and all three were active.

Bidding kicked off at $6.3 million before rising in $100,000 increments as a developer and an owner-occupier jostled for control.…