Meanwhile, Elizabeth, who did not give her surname, was busy buying a rare beachfront flat in Drummoyne on Saturday morning, outbidding 10 other buyers.

I'm going home to surprise my kids, who are playing Xbox," she said.

The flat at 4/12 Wolseley Street sold for $2.18 million, with five of the 10 registered bidders bidding aggressively during the highly competitive auction.

The three-bedroom waterfront condo was on the market for the first time in more than 50 years.

The original owner purchased the condo when the building was constructed in the 1970s.

She moved out of the flat at the age of 95 and has since passed away, and her children are emotional but happy with the outcome of the sale.

Alex Pattaro, Ray White NSW's chief auctioneer, conducted the auction, describing the opportunity as "extraordinary", with the flat located in a highly sought-after area close to schools, cafes and restaurants.

The auction was held in the building's oceanfront communal pool/entertainment area, with Mr Pattaro reminding buyers that the views "will never be spoiled".

The starting bid was $1.6 million, which quickly rose to $2.15 million in $100,000 and $50,000 increments.

The last bid was $20,000, and Elizabeth, with the help of a friend, successfully bid on the new house.

When asked what attracted her to the flat, she quickly recalls the pool area on the banks of the Parramatta River - another surprise for her teenage sons.

It's fantastic and the location is fantastic, she says.

Elizabeth says she and her sons will be moving into the flat with some upgrades, including a new bathroom.

Mario Carbone and Jessica Carbone, agents at Ray White Drummoyne, said there had been a lot of interest in the flat.

Ms Carbone said: "We had 160 groups of clients and 30 contracts were issued.

The asking price was $280,000 above the reserve, she said.

As the weather warmed up, so did the auction activity, with the number of bidders increasing every week and buyer confidence continuing after three consecutive pauses in the rate hike.

The auction was one of 794 held in Sydney this week.