Despite analysis suggesting the Illawarra’s market is cooling overall, an agent says sellers can still achieve strong results at auction if they’re realistic about price expectations.
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The property at 145 Daintree Drive, Albion Park was auctioned earlier this month.
Located in the hills of Jamberoo Mountain and overlooking the Illawarra Escarpment and Lake Illawarra, ‘Jandera Estate’ sits on just over six-and-a-half acres.
The home contains five bedrooms.
The property was sold for $1,951,000, which was $251,000 above reserve.
Selling agent, Ray White Figtree principal Ben Baaner said it sold to an Illawarra buyer.
Mr Baaner said there were 156 bids taken and more than 50 attendees on the day.
Some experts have suggested Illawarra vendors need to keep their price expectations in check, in accordance with the current state of the property market.
Mr Baaner said in this instance the vendors had been “totally realistic, and that’s why they got the result that they did”.
“They didn’t have their expectations in their clouds… They just said, ‘we want a sale at the best price, whatever that may be’,” he said.
“And it paid off for them.”
Mr Baaner said the vendors were now looking to downsize elsewhere in the Illawarra.
The property previously sold in 2015 for $1,365,000.
“Good properties like that one are still going to get good turnouts and results,” Mr Baaner said of the latest sale.
“If you’ve got something a little bit out of the box, or at that million-dollar mark or just over, they seem to be going quite well, because they’re not first home buyers buying them, they’re not investors… They’re the biggest part of the market we’ve got left, people that have got all this equity and decide to upsize their homes.
“Whereas your run-of-the-mill home, your average $650,000 home in the Illawarra, or units in Wollongong, you’re not going to get an outcome like that.
“Especially units in and around town, those markets have died off somewhat because they were driven by investors, and investors aren’t looking at properties worth over the million-dollar mark generally.”