A Figtree property has sold for $1.73 million in a deal that has shattered the suburb's property price ceiling.
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The four-bedroom escarpment-side retreat, 29b Manna Ave, was poised to go to auction but lasted just five days on the market before selling on February 25 for the highest sum ever recorded for the Wollongong fringe suburb.
Selling agent, McGrath's Lashay Borg, said the 3000sqm property had passed from a middle-aged couple to a young family of five looking for privacy and an upgrade, reflecting a suburb-wide trend.
The people who bought when Figtree in general was released in the 1970s and 80s were young families then ... they're letting the new guard come in.
"The growth within Figtree has been amazing. I think people see it as a good opportunity to buy well - there's good value there. There's a lot of young families attracted to Figtree."
"The property is very unique in its style and its size. The pictures don't do it justice. It's not until you actually go and see what it is - the balcony with the pool and al fresco areas are amazing. You're surrounded by so much greenery, you feel like you're in this sanctuary."
The outgoing owners had created the suburb's previous record sale when they bought the property in 2018 for $1.585m. Ms Borg said the pair had intended to live at the address long-term, but a change in financial circumstances then prompted them to sell.
The median house price for Figtree sits at $716,488. Chairman of the Real Estate Institute Illawarra, Trevor Molenaar, said the appeal of Figtree lay in its still relatively affordable houses with plenty of space and family-friendly features.
"You get better bang for buck," he said.
"The people who bought when Figtree in general was released the 1970s and 80s were young families then. Now [the homes] are a bit much, or they're on a hill, so theyr'e downsizing and they're letting the new guard come in."