A Mangerton home which sold for a record $3.6 million at auction has set a new benchmark for prices in the Illawarra’s hot property market.
The result for the house at No2 Norman Street was NSW’s highest sale at auction last weekend, only pipped nationally by a two-storey house in Melbourne’s Toorak which sold for $3.955 million.
The Mangerton sale set two records in the Illawarra: it is the highest price for a single dwelling non-waterfront property and the highest sale under the hammer for a residential property.
Principal of Belle Property Wollongong, Darren Kay, whose agency was responsible for selling the property, said the result showed the strength of the market.
‘‘Wollongong has long been regarded as Sydney’s second cousin,’’ he said.
‘‘Now with the sale in Norman Street, the two property markets are closer linked than ever before.’’
Belle Property Wollongong sold 11 of 16 auctions last weekend. All were conducted by celebrity auctioneer Damien Cooley at the Belle Auction Room in Wollongong’s Chifley Hotel.
There were six registered bidders for the Norman Street house which has ocean views and sweeping views of the city.
‘‘At the auction Damien Cooley said it was the best property, in the best street, in the best location with the best views,’’ Mr Kay said.
‘‘All the stars aligned with this sale. You had a willing vendor who committed to an exceptional marketing program which resulted in 170 inspections at the property.’’
An observer said the auction room, packed with more than 250 people, had an electric atmosphere.
‘‘You couldn’t move, it was like a rock concert, there were so many people packed in there watching,’’ said the observer. ‘‘The bidding was fierce and competitive.’’
Mr Kay said the vendor and purchaser, both local professionals, did not want to be named.
Meanwhile, MMJ Real Estate Wollongong had a 100 per cent clearance rate for its eight property auctions last weekend.
MMJ was appointed by Wollongong City Council and Port Kembla Copper to manage the sale of their properties.
‘‘We were honoured to be appointed by two significant regional entities to manage the selling campaigns,’’ said MMJ’s Daniel Hastings, auctioneer and co-listing agent.
‘‘The auction [at the Wollongong Golf Club] was attended by more than 120 people with a high number of registrations that set the scene for a highly competitive and sparkling auction.’’
MMJ listing agent and director of residential sales David Geary said there was strong bidding for the four residential lots in Reservoir Street, Port Kembla.
‘‘The vacant home sites represented a rare land offering in the area and had been put to the market following the recent and spectacular removal of the Port Kembla Copper smoke stack,’’ Mr Geary said.
Results for the four lots ranged from $230,000 to $380,000.
Another four properties were put to auction sale by the council - a 1900 square metre block at 42 Thalassa Ave, East Corrimal sold for $980,000 and a three-bedroom house backing on to Blue Divers Lagoon at 25 Lake Parade, East Corrimal, sold for $750,000.
The most affordable sale was a vacant lot at 125 Shellharbour Road, Port Kembla, which sold for $190,000.
The highest sale result for the evening was a 1.3 hectare development site in Mulda Street, Dapto, which sold for $1.7 million.