The demand for homes in Shell Cove has been strong since work began on the marina and boat harbour project last year, a local real estate agent says.
Ray White Shellharbour Oak Flats Group director Amanda Bonnici said the start of the long-awaited project had been a boon to the property market.
"It's been crazy," she said. "You can see the work being done on the marina and it's attracting a lot of interest in the area.
"We don't have enough houses on the market for the amount of buyers who are interested. At the moment, 50 per cent of our buyers for Shell Cove are Sydney people, out of area, which is huge."
The marina and boat harbour project, known as The Waterfront, involves creating a 300-berth boat harbour and town centre that will provide a waterfront marina lifestyle and social hub.
The median Shell Cove house price has increased 6 per cent to $550,000, in the 12 months to December 2013, according to Australian Property Monitors.
Ms Bonnici said among the homes for sale in the growing suburb was a new listing at 14 Melville Crescent, Shell Cove.
The five-bedroom contemporary home, on the market for $819,000, is set on a 678-square-metre block opposite a reserve.
Ms Bonnici said the property offered spacious living over two levels, with the finest of fixtures and fittings. Its features include an in-ground pool and four double-sized bedrooms, all with built-ins. The master bedroom has an ensuite and walk-in wardrobe.
The property also has three bathrooms, a study, and a contemporary kitchen which flows into a dining and informal and formal living areas.
Ms Bonnici said extra trimmings included ducted air, triple car garaging, ample storage space and side access for a boat, caravan or trailer. "This is one of the largest homes I have sold in Shell Cove," she said. "With this property you get a yard and a pool because of the size of the block. And it's just a short stroll down to where the marina will be."
The home is open for inspection on Saturday from midday to 12.30pm.
In other Shell Cove news, work has begun on a new display village and sales centre.
Australand's Shell Cove development director Glenn Colquhoun said the construction of the display village and sales office was an important step for Shell Cove and would support the forecast growth.
"More than 1600 families now call Shell Cove home and this number continues to grow, which is a further indication of the value buyers see in building their new home in a master-planned community," he said. "Demand in the past year has been robust with the sale of prime land lots within walking distance of The Waterfront, Shell Cove. This demand is set to further increase as we reach the premium waterfront sites, providing high quality living in the Illawarra's newest social hub."