A 1920s beach shack has sold for a whopping $7.55 million after a fierce auction saw the property go for almost $1 million more than expected.
The North Bondi home, a nondescript residence in the exclusive Ben Buckler neighbourhood, was listed with a price guide topping out a $6.6 million.
Three bidders then battled it out for the large 398 square metre block, moving up in $100,000 installments from a bold opening bid of $6.1 million.
A 1920s beach shack (pictured) has sold for a whopping $7.55 million after a fierce auction saw the property sell for almost $1 million more than expected
The North Bondi home, a nondescript residence in the exclusive Ben Buckler neighbourhood (pictured), was listed with a price guide topping out a $6.6 million
The victorious buyer – who intends to move up to Sydney from Melbourne with his family – will demolish the aging home, Realestate.com.au reported.
The new owners will build a multi-million dollar mansion on the elevated block, taking advantage of Bondi Beach views.
McGrath agent Peter Starr said the sale broke the record for ‘land-value’ sales in Bondi.
The three-bedroom shack was built in the 1920s, and one of the last remaining original homes in the area.
Three bidders then battled it out for the large 398 square metre block (pictured), moving up in $100,000 installments from a bold opening bid of $6.1million
The new owners will build a multi-million dollar mansion on the elevated block, taking advantage of Bondi Beach views from the backyard (pictured)
Marketed as a opportunity to create a dream home in an exclusive location, the shack had beach views from the backyard.
Nestled between two much larger clifftop palaces, the residence was well-maintained by unlikely to be left with potential untapped.
Ben Buckler is one of Sydney’s most sought-after enclaves, named after the Ben Buckler Gun Battery which was located on the point jutting out of North Bondi.
Marketed as a opportunity to create a dream home in an exclusive location, the shack had Bondi Beach views from the backyard (pictured)
Nestled between two much larger clifftop palaces (pictured), the residence was well-maintained by unlikely to be left with potential untapped
There are several stories behind the locality’s namesake, some saying Ben Buckler was a convict, some saying he was a bushranger, and some saying the name was arrived from its Aboriginal place name – Benbuckalong.
Saturday’s sale was one of 543 auctions cleared out of 886, giving a clearance rate 5.47 per cent lower than last Saturday, according to Corelogic.
The home last sold for $3.15million in 2006, and in 1985 changed hands for just $148,000.
Ben Buckler (pictured) is one of Sydney’s most sought-after enclaves, named after the Ben Buckler Gun Battery which was located on the point jutting out of North Bondi