The demand for properties in Shellharbour Village looks set to continue, with an extensively renovated home boasting an asking price of $2 million.
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The five-bedroom, three-bathroom home at 25 Wollongong Street, Shellharbour Village will be auctioned on April 28.
Built on an approximately 700sqm parcel of land and newly renovated, it offers ocean views from most aspects of the home.
It previously sold in 2016 for $1,080,000, and is currently owned by prominent Illawarra business and property owners/developers, the Prodanovski family.
Selling agent, Ray White Shellharbour Oak Flats Group principal Amanda Bonnici said the current owners had taken a “dilapidated house” and “gutted it all, renovated the whole property”.
It has a price guide of $2 million.
“They’ve Gyprocked, have done new floorings, new kitchens, new bathrooms, redesigned the upstairs – it’s pretty much all brand new,” Ms Bonnici said.
“No expense has been spared when it comes to the interior; a breathtaking blend of stone, with the finest fixtures and finishes creates a sublimely relaxed, yet sophisticated feel.”
Ms Bonnici said it was likely the eventual buyers would be Sydney-siders wanting a holiday home.
“Or it could be a local person who wants to be in the village and not have to do anything, because a lot of the knockdown-to-rebuilds, they’re running out.
“The number of knockdown-rebuild opportunities in the village is decreasing.
“In our area, the market has been a bit slower, but Shellharbour Village seems to just keep going and going. There’s still a big demand for Shellharbour Village.”
Top regional areas for capital growth
The Illawarra has featured in a list of the 10 best regional areas in Australia for capital growth.
The Mornington Peninsula in Victoria has topped the list, according to RiskWise Property Research.
The research house compiled the list of the top 10 regional areas for both houses and units across Australia with Melbourne’s western suburbs coming in second.
Victoria featured strongly on the list with capital growth for houses over the past 12 months sitting at a strong 18.4 per cent for the Mornington Peninsula.
Melbourne’s West (16.9 per cent), Inner South (12.3 per cent), North East (13.9 per cent), North West (14.6 per cent) and Outer East (15.1 per cent) were also identified as solid capital growth areas.
Other areas that made the list are the ACT (15.6 per cent) and NSW’s Central Coast (12.4 per cent), Southern Highlands and Shoalhaven (15.4 per cent) and Illawarra (12.1 per cent).
According to RiskWise, all regional areas in Queensland, Western Australian and the Northern Territory failed to make the grade due to their low-performing economies.
RiskWise CEO Doron Peleg said 86 regional Statistical Areas 4, as per the Australian Bureau of Statistics, were assessed for capital growth in the past 12 months.
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