New record prices have reportedly been set for land at Shell Cove.
Three Shell Cove oceanfront lots on Oceanfront Drive, adjacent to Bass Point Tourist Road, sold at auction on Sunday for a total of $4,805,000.
The on-site auction hosted eight registered bidders, and according to developers saw the highest price paid for land at Shell Cove yet.
The 480sqm Lot 1003 sold for $1,420,000; the 570sqm Lot 1002 sold for $1,500,000; and the larger 740sqm Lot 1001 sold for a record $1,885,000.
The weekend's results topped the results at the previous auction for oceanfront land lots at The Waterfront, Shell Cove in April this year, when a 507sqm lot sold for $1.3 million; a 594sqm lot fetched $1.4 million; and a 559sqm block sold for $1.471 million.
The Waterfront, Shell Cove is a joint venture development between Shellharbour City Council and Frasers Property Australia.
"Securing genuine oceanfront land is a rarity and the amenities on offer at The Waterfront, Shell Cove make these land opportunities even more desirable," Simone Dyer, development director - Shell Cove at Frasers said.
These latest three oceanfront land lots were part of a larger release of six lots in The Beachside Collection.
The remaining three beachside lots in the release range from 496sqm to 798sqm, and will be sold via electronic ballot this Thursday (August 1).
All of the lots are less than 100 metres from the edge of the future Shellharbour Marina and boat harbour, which is under construction and expected to be completed by the time buyers move into their new homes.
According to Frasers, the next land release is likely to be in the final quarter of this year.