The northernmost home with ocean frontage in Stanwell Park is on the market for the first time in more than 30 years.
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The home at 87 The Drive is on a corner block with a neighbouring property on one side and the escarpment of Bald Hill Reserve on the other.
The prestigious neighbourhood includes Treasurer Joe Hockey and wife Melissa Babbage, who own a holiday home in the same street.
Simon Beaufils, principal of Ray White Helensburgh, is expecting lots of interest in the four-bedroom beach property set on 721 square metres.
"I've had numerous people call me over the past 10 years and say: 'If that house ever comes on the market, give me a call and let me know'," he said.
Mr Beaufils said the house could be comfortably lived in, renovated or demolished to make way for a contemporary-style home.
The property will go to auction on Saturday, February 21, at 11.30am.
The land alone is worth $1.26 million, according to Land and Property Information land value data.
Mr Beaufils said it was an exceptional piece of real estate with 180-degree coastal views.
"It's very rare to get an oceanfront property which has no northern neighbour."
"You would never have to worry about a neighbour building a two-storey house near your northern boundary and taking all the sun," he said.
Mr Beaufils said the property had an open plan kitchen, dining and living area; large balcony overlooking the ocean; additional home office; and a good-sized double garage.
Stanwell Park is one of the most affluent areas in the Illawarra. The suburb's median house price is $925,000, a 19 per cent increase in the 12 months to September 2014, according to Australian Property Monitors.
The home's first scheduled open house is on Saturday, January 31, from 11am to 11.30am.