Mosman price shocker tops Sydney's weekend auctions

Sydney's most expensive property sold at weekend auction was a three-bedroom Beauty Point home with Middle Harbour views.

The house at 12 Euryalus Street, Mosman was sold by Simeon Manners Property for $3.23 million. 

"It was just above the reserve, though the reserve was ambitious," agent Michael Mahon told Fairfax Media.

However Property Observer notes it last sold at $3.1 million in June 2010, so not even 1% price growth during the past four years.

There were three bidders with it knocked down to a Mosman family.

RP Data indicated its pre-auction price guidance was $3 million to $3.5 million.

The onthehouse estimate for the property was $3,466,400 to $3,908,400 in June and at $3,340,900 to $3,766,900 in August.

The bungalow property comes with approval to rebuild a three level family home on the elevated, north facing 773 square metre block.