The trend of “$3 million is the new $2 million” in parts of the Illawarra’s northern suburbs looks set to continue, with a highly recognisable property up for sale.
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Selling agent, One Agency Downie Denison-Pender director Kane Downie said 6-8 Reef Avenue, Wombarra is on the market for the first time since the early 1900’s.
It is set on more than 1500sqm of land and overlooks the beach, rock platform and ocean pool of Wombarra.
“Being 1500sqm of beachside property makes it quite special,” Mr Downie said.
“It’s a large parcel of land on two addresses.
“It’s such an iconic location that everyone who would ever have travelled down to Wombarra Beach over the past century would have noticed it.”
Mr Downie said the asking price was expected to be “the high $2 million (mark) into the early $3 million”.
EOI close November 8.
The six-bedroom, split-level home features high raked ceilings and views from a large wraparound balcony to the Pacific Ocean.
Mr Downie said it had stayed in the same family since the early 1900’s.
“It’s defined by this beautiful sandstone fence right around it that was put there in the 1930s,” Mr Downie said.
“The house at the front, the little fibro shack in front of it that’s also owned by the same people also has an interesting history.
“It was a well-to-do English clock-maker that actually moved out here and lived in that. They were the ones who were able to inject some money into the community to build this stone fence around it. Then the property was purchased by the current owner’s grandparents.”
Mr Downie said the main house was “a big brick place that’s in really good nick” and “has got holiday house or family written all over it”.
“The location would have resonated with a lot of people who know where it is and always wondered about that place – who owned it and whether it would ever be sold,” he said.
Agent Trever Molenaar from Molenaar and McNeice recently told the Mercury that the top end of the market remained strong in the area, and that “$3 million is the new $2 million” in parts of the northern suburbs.
Mr Downie agreed, saying “we have finally reached a level in the northern suburbs of Wollongong that attracts a lot more money than the locals would have expected”.
“That’s something I come up against all the time, is that locals actually can’t see the value because it’s where they live,” he said.
“But people from outside the area appreciate it so much that they have actually elevated the old $2 million into a $3 million now.”
