North Bondi cottage sold for millions likely to be knocked down

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10 Patterson St, North Bondi sold at auction for $2.275 million.

A brick cottage in North Bondi has sold under the hammer for $2.275 million — just to be bulldozed.

The price for the two-bedroom house at 10 Patterson Rd was $175,000 above the vendor’s reserve and $575,000 above the opening bid of $1.7 million.

Selling agent Michael Rowles of Bradfield Cleary told the Sunday Telegraph the buyer was planning to knock down the 1930s cottage and replace it with a modern house.

The deceased estate was in a rundown state, with much of the interior requiring major restoration work.

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“It was the worst house on the best street,” Mr Rowles said. “The street is full of beautiful homes and it’s a short walk from Bondi Beach. It’s a prime position.”

The Patterson St home built in the 1930s sold in “original condition”.

The buyer faced stiff competition from five rival bidders, some with plans to restore the home through a renovation.

The property is positioned on a level 334sqm block. “The market for homes near beaches and the harbour is still pretty strong,” Mr Rowles said.

“People talk about a softer market, but it’s actually in patches. There’s markets within markets and this one is holding up.”

A Bellevue Hill estate at 3 Bulkara Rd attracted one of the highest prices achieved at auction so far this month when it changed hands on Tuesday for $5.08 million.

3 Bulkara Rd, Bellevue Hill sold at auction for $5.08 million.

The two-bedroom house on 642sqm had been owned by the same family for 97 years and has city views.

Three buyers registered for the auction, with Cooley Auctions receiving an opening bid of $4.65 million.

Selling agent Alain Waitsman of LJ Hooker-Double Bay said the result showed Sydney’s east remained a standout market.

“It’s definitely tougher and buyers are being more conservative, but on the whole sales are still doing well.”

Today just 473 homes are scheduled to go under the hammer, nearly 250 less than over the same weekend last year and about 500 less than in 2017.

The lower volume has come on the tail of a slow February — nearly 1000 fewer homes went under the hammer compared to the long-term average for the month, according to CoreLogic.

CoreLogic auction analyst Kevin Brogan said diminishing auction volumes would drive a gradual lift in Sydney’s auction clearance rate.

Last week, 54 per cent of the properties that went to auction sold successfully under the hammer, compared to 50.2 per cent the week prior and 49 per cent over the first week of February.

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