Bondi Beach knock-down Sydney School architecture mansion fetches around $15 million

A three-storey brick property positioned above the Bondi to Bronte coastal walk - on the market for the first time in 53 years - was passed in at weekend auction for $14 million.

But it sold immediately after for around $15 million through agents Ric Serrao and Blaise Griffin of Raine and Horne Double Bay. The price and buyer remains undisclosed.

Triplex apartment developers were interested in the offering up to around $10 million.

Property Observer gathers it was sold to an owner occupier who was among the three bidders at the onsite auction through Cooley Auctions. There was an audacious opening bid of $6 million given the agents had advised of $12 million plus hopes mid-way through the marketing campaign.

Located at 23 Wilga Street, the home (pictured above) includes prominent features of the Sydney School of Architecture style - including bagged and rustic brick walls and cathedral ceilings.

The property was custom built in 1963 and includes a main three bedroom, three bathrom residence, as well as a three-bedroom, two-bathroom self-contained residence.

Set on a 707-square-metre lot, the property has 30-metre oceanfront reserve frontage.

The agents pre-auction suggested the only site it could be compare to was 105 Ramsgate Avenue which sold for $14 million.

The land has a median density zoning, but the agents had expected any buyer to develop their own trophy home.

The median house price in Bondi Beach is $1.7 million, according to RP Data.

Sydney's weekend auction clearance rate, according to Australian Property Monitors, dropped below 80% for first time in nine weeks to 79.9%. A $3 million Paddington sale on Gordon Street through McGrath Estate Agents was the highest declared result.

Melbourne, likewise, recorded a drop in clearance rates with the REIV figures at 71% this weekend compared to 74% last weekend.

The highest recorded Melbourne result was $3,605,000 on Dawson Avenue, Brighton.