A dilapidated, broken down property overlooking one of the most iconic beaches in the world has fetched millions of dollars more than the seller predicted at auction.
The four-bedroom penthouse located at 5/17 Wilga Street in Bondi Beach sold for $7.1 million on Saturday as overcast skies and rain drowned out the view.
Auctioneers settled on the final offer which was $3.1 million over its reserve price.
It was the first time that the estate had hit the market in more than 30 years and still had its original interiors, including large cracks in the balcony concrete, peeling plaster and evidence of rising damp on some walls.
Carpets in the property were destroyed and the walls were damaged but the unobscured panoramic views of Bondi Beach were as amazing as ever.
The four-bedroom penthouse located at 5/17 Wilga Street in Bondi Beach bought in $3.1 million over its reserve at an auction on Saturday morning
The property had not gone up for sale in more than 30 years and still featured its original interiors which had become dilapidated and worn down
An opening bid of $4million was announced by Cooley auctioneer Jake Moore as seven of the 15 registered bidders raised in $200,000, $100,000 and $50,000 increments at a time.
A final $100,000 increase sealed the deal for an online bidder to close the sale of the apartment which Mr Moore said was ‘just unbelievable’.
‘For a dilapidated apartment to sell like that was just amazing,’ he told realestate.com.
‘As an auctioneer there’s situations where you don’t need to push too hard and this was one of them … people just wanted it.
‘There’s building works to be done, a full renovation. The buyer was literally paying for where it was and that view.’
The buyer was said to have purchased the property for their adult children to live in but it still requires a lot of work to be liveable again.
The unobscured views of Bondi Beach are visible from a cracked balcony with unsightly staining
The modest bathroom is a snapshot of the 1970s era in which the apartment block was built
Raine & Horne Double Bay selling principal Ric Serrao said that he had never seen something so run down sell for such a high price before.
Mr Serrao did concede that it was hard to price properties with views but that he knew it was going to do well when more than 320 people inquired about it.
The building is a ’boutique block’ of five apartments which was constructed in 1972 with apartment 5 shortly to undergo $1million in renovations.
Patchy yellow carpets remain throughout the property underneath several low-hanging chandeliers
Peeling plaster and mould were seen on walls around the four-bedroom home that will soon undergo $1 million in renovations
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