No pot of gold at the end of Rainbow Street, South Coogee second offering

There was a $5 million vendor bid when 351 Rainbow Street, South Coogee went to weekend auction. The house was created by international architect X.PACE with a striking foyer with a sculptural staircase.

There had been $5 million pre-auction hopes for the four bedroom, three bathroom house which was built in 2008 on its 392 square metre block.

It remains listed through First National Coogee.

It last traded for $1.7 million in 2003 and the house was then knocked down and rebuilt.

Property Observer recalls there were $5.5 million plus hopes in late 2010 for the property.

The architect-designedhouse has a wraparound balcony with wet-edge pool designed to make the most of the views, which stretch from Ben Buckler Point to Maroubra.

There's also a Liebherr kitchen fitout study, family room, three bathrooms and parking in the basement. Inspect

South Coogee median house price is $1,505,000, down 10% over the past year, according to RP Data.