The Kiama market continues to record big-ticket sales despite restrictions on Sydney buyers, with one property fetching well in excess of $4 million under the hammer.
21 Gwinganna Avenue, Kiama sold for $4.8 million over the weekend, netting vendors Tim and Olga Early a handsome profit after 25 years of ownership.
Mr and Mrs Early purchased the land for $300,000 in 1996 and had a home master built to their specifications by Wakeline Constructions.
Mrs Early recently said the land sale even made headlines in the IllawarraMercury at the time.
"It said, 'Sydney people come down and buy up big'," she said.
"People (locally) were like, 'these Sydney people are coming down and spending $300,000 for land, and driving up our rates'.
"They were livid."
Set on 604 square metres, the home has direct access to Kendalls Beach.
"We built it with a view to the long-term future," Mr Early said.
"So we built it with four, possibly five bedrooms; thinking about our own situation, but also re-sale."
The selling agents for this listing were Ray White Kiama's Michele Lay and Olivia Anstee.
Mrs Lay said there were five registered bidders, with the purchaser from Sydney.
"Everyone is very happy with the result, as we have had two weeks out of the four-week campaign locked down from Sydney purchasers," she said.
Auction changes no barrier to big sales
A little further north, the house at Lot 4, 3 Surf Road, Shellharbour sold for $4 million last week.
According to Pricefinder, this is a residential sales price record for the suburb.
Co-selling agent, Mattias Samuelsson from Ray White Helensburgh said the beachfront home was initially scheduled to go to sale via auction, but due to COVID-related restrictions it was decided to sell via private treaty.
Meanwhile, a "fixer-upper" in Kiama has sold prior to auction for $1,200,000.
Set on 380 square metres, the two-bedroom weatherboard cottage at 35 Bong Bong Street was built around 1900.
The property was scheduled to be up for sale last Saturday via online auction, with a price guide of $1.2 million.
However, selling agent, Andy Wharton from First National Coast & Country said it was sold prior to a local buyer.
Mr Wharton said the property was a "fixer-upper", but had attracted interest from prospective Sydney buyers.
According to Pricefinder, the sellers bought the property in 2010 for $520,000.
Mr Wharton said the house since then had been used as a weekender and remained in its current condition for many years.
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