PHOTO: 21 Baden St, Coogee. NSW Real Estate. Source: Supplied

A block of flats in Coogee that had once been a grand mansion attracted 10 registered bidders and sold for $5,540,000 a massive $890,000 above the reserve at auction today.

The eight flats fronting the beach at 21 Baden St had been in the same family for 50 years. Explaining the huge result, Ray White Randwick agent Justin Bell said: “It’s just so rare to have a block this close to the beach.”

The result was one of the best from the 726 auctions scheduled in Sydney today. With 342 of the results in to CoreLogic by this evening, the preliminary clearance rate was 49.12 per cent, 3.32 per cent down on the same time last Saturday. The rate will drop even further as more results come in.