According to Australian Property Monitors, the home at 1 Cater Street, Coledale sold for $3,410,000. 

Agent, principal Trever Molenaar of McGrath Thirroul said it was a landmark sale.

“There’s only a few properties that have sold (for) over $3 million in that immediate vicinity,” he said.

“It’s one of only a handful of residential sales that have hit the market and sold over $3 million within a 5km radius of this area.” 

According to Australian Property Monitors, the previous highest sale in Coledale since 1999 was $2.6 million in 2007. 

“It was an original cottage on the beach which made it even more of a record,” Mr Molenaar said of the latest sale. “The same owner had been living there for 60 years.

“Mrs North was a character in the area, everyone knew her. 

“Homes like this are very tightly held and rarely enter the market.

“I doubt I will see this home on the market in my career again, and will only see a handful like it.”

The property has private direct beach access overlooking Coledale rock pool, and features two living areas and three bedrooms.

Mr Molenaar said his research indicated the sale was the “highest per square-metre rate for a residential property ever in the northern suburbs”.

“The sale was land value only which makes it a $4.5 million to $5 million sale if it was a completed property,” he said. 

Mr Molenaar said there were only a few residential properties circa the $3 million mark on the market within the area.

These include 2 Weaver Terrace, Bulli, a new five-bed waterfront home up for auction and bordered to the north, east and south by recreational parklands.

Another is a large parcel of land on offer at 136 Avondale Road, Avondale.

It is open to Expressions of Interest and features 34 acres of gently sloping cleared land.

It is located in stage four of the West Dapto Release Area, and features a potential future land release in the surrounding area, as well as a large three-bedroom residence to live in or rent out.

Listed for $4.95 million is a new four-bedroom penthouse apartment at 11/72 Cliff Road, Wollongong, boasting panoramic views stretching from the northern beaches to the harbour, South Beach and more.

A real estate “record” was set for Port Kembla with a prestige home selling for $3,200,000 in early April – more than three times the block’s last sale price of $950,000 in 2003.

Waterfront properties featured heavily in the Domain Group’s Top Selling Illawarra Properties of 2016 list, the highest a 1970s brown brick cliff-top house in Wombarra for $3,500,000.

Coming in second was a beachside penthouse on Cliff Road in Wollongong, selling for $2,775,000.

Do you have an interesting real estate story? Please e-mail brendan.crabb@fairfaxmedia.com.au.