Shoalhaven property is booming - $17.5m sold in Ray White South Coast weekend auction

Ray White South Coast director Craig Hadfield said it was the "biggest event he's ever been involved with".

"It's just incredible," he said. "In the 20 years I've been in the industry I've never seen anything like this."

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Ray White South Coast had 14 properties listed for Sunday's auction at the Nowra-Culburra Surf Lifesaving Club.

"Three properties sold prior to the auction," Mr Hadfield said.

"We sold 10 of the remaining 11 properties, with just one passed in.

"A clearance rate of 92 per cent but it was the $17.5 million price tag for the auction which shocked me.

"All sales exceeded the reserves."

The headline act was 39 Beecroft Parade, Currarong - the absolute beachfront property with views across the rock pools and direct access to the beach, sold for $4,150,000.

He said the property sold by Julie Anne Gauci was a new record for the seaside village, east of Nowra.

In March 2018, the property next door sold for what then was a record price for the area of $2.35 million.

"This obliterated that," Mr Hadfield said.

"It was an unexpected result. It surpassed the previous record by more than $1 million."

The property has been bought by a Sydney family, who intend to knock down the split level designed three-bedroom home, and build what they have said will be a "family holiday house for generations to come."

Across the 12 properties, 100 bidders were registered, with a further 200 registered to watched the auction online.

"We had another 70 people inside the hall, which was capacity with COVID restrictions," Mr Hadfield said.

"And we had another 30 outside, who rotated through the hall at different stages.

"The bidding was really strong. A couple of properties took 25 to 30 minutes each to sell.

"It is just crazy - I'm still shaking my head - it's all a bit surreal."

The majority of the buyers were from Sydney.

In what Mr Hadfield has described as "incredible times for Shoalhaven real estate" the company also sold half a dozen other properties last Thursday and Friday, totalling $10 million.

"The local market is so hot at the moment," he said.

"It's a combination of low interest rates, people wanting to invest in property and restrictions in travel.

"The South Coast has become a massive attraction, especially with the improving infrastructure, and bypasses etc.

"If COVID has shown us anything we can work from anywhere and work from home.

"It's just incredible - in the 20 years I've been involved in real estate and 27 years for our auctioneer Ben, we have never seen anything like what we saw Sunday, anywhere across the state."

He said further examples of the popularity of the Shoalhaven was a block of land at Mitchell Parade Mollymook that sold recently by Raine and Horne for $3 million, while a three-bed bedroom brick home in King George Street, Callala Beach, one street back from the main road, selling for $970,000.

"It's extraordinary times," he said.

"I think we are seeing a resetting of the Shoalhaven property prices.

"The last time we saw something like this was in 2002-03 where property prices in the Shoalhaven tripled in three years and this is having a very similar feel.

"It's already flowing on - we listed a home in Mulgen Crescent, Bomaderry recently for $455,000 based on comparable sales and we had 12 offers in 24 hours and sold the property for $517,000.

"I've been saying for years the South Coast has been a bit of a sleeper - I expected this to happen a while ago. The prices are here now and are here to stay."

To complete a great day Ray White South Coast also donated $3500 from a charity auction for the Nowra-Culburra Surf Lifesaving Club.

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