Two years after it topped an annual list of the highest-selling properties in the Illawarra, a Wollongong apartment has been re-sold for a cool $5.85 million.
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The Domain Group's Top Selling Illawarra Properties list revealed that the most expensive property of 2017 in the Illawarra region (covering the Wollongong, Shellharbour and Kiama local government areas) was Unit 11 at 72 Cliff Road, Wollongong.
It sold then for $3,793,000.
The oceanfront penthouse contains four bedrooms and two bathrooms, and occupies the entire sixth floor of the east tower in the 33-apartment luxury development The Esplanade.
The 11/72 Cliff Road apartment was listed for sale off-the-plan for $4.5 million in 2015.
The unit was later listed in April 2016 for $4.65 million.
It sold in September 2017 to a Sydney buyer.
Rob Austin from Harrison Property was the selling agent for the 2017 transaction, as well as the recent re-selling of the sought-after property.
The now completed apartment was recently re-sold for $5.85 million.
"It's in probably the most popular building on Cliff Road," he said.
"The Esplanade apartments are the Rolls-Royce of apartments."
Mr Austin said the latest sale was to a Sydney buyer who was originally from Wollongong and wanted to return home.
The exchange on the property took place in late August.
"The man came down from Sydney and said, 'geez, I want that place'," Mr Austin said. "The current owner was approached, and a deal was struck."
Although there has been much speculation that the property market has bottomed out and will soon rebound, or will do so in the near future, Mr Austin said the top end of the market was still performing.
"The top end stuff is still moving, is still strong," he told the Mercury.
"The top end just supports itself.
"With all the doom and gloom... It's been a tough year for real estate, and particularly for off-the-plan sales, in light of the Mascot Towers and Opal Tower debacle with cracking buildings.
"But this particular property is just a beacon - it's something special."
The property looks over the harbour, has an internal floor space of 275 square metres plus 225 square metres of balconies, a five-car garage and lock-up storage.
"It's the full top floor, and it's enormous inside," Mr Austin said.
"It's 360-degree views up and down the coast, and it's just out of this world."
The Esplanade is a dual-tower complex built on the former Villa Maria Nursing Home site.