Curious residents of River Road, Shoalhaven Heads gathered en masse on Saturday to witness a record sale price for the suburb.
It was another week of strong results for property auctions throughout the Illawarra and South Coast region.
According to CoreLogic's preliminary results, there was an auction clearance rate of 85 per cent for the Illawarra area for the week ending August 1, the highest of the regional markets that they evaluate.
Of the 20 results collected so far, 17 had sold.
The Illawarra area captured by the CoreLogic results include postcodes from the Wollongong, Shellharbour and Kiama local government areas.
The waterfront reserve property at 84 River Road, Shoalhaven Heads sold under the hammer for $2,850,000.
The property had a reserve price of $2.2 million.
Set on 481 square metres, the three-bedroom, two-bathroom home boasts uninterrupted views over the Shoalhaven River.
With Shoalhaven local government area not subject to the current lockdown, local bidders were able to attend the on-site auction in person, while those in Greater Sydney had to bid online via the AuctionNow platform.
Selling agent, Claire Nunn from First National Coast & Country said the property was snapped up by a local buyer, who outbid an out of area party.
There were six registered bidders.
"There were four bidders up until about the $2.5 million mark, and then two bidders fought it out," Mrs Nunn said.
"The whole street was there, which was really good. Everyone was very curious.
"It affects their homes and Shoalhaven Heads as a whole, so everyone was very curious to see how it would go.
"It was all over, done and dusted within about ten minutes, but there was a lot of toing and froing."
Mrs Nunn said Shoalhaven Heads was a town that had now been "found" by many out of area buyers.
"I think a lot of people have figured out that it's only a hop, skip and jump from Gerringong, Kiama and Gerroa, and the market is very strong in those suburbs," she said.
"I think people have realised that it's ten minutes down the road, and why not come a little further south? You've got everything there as well."
According to CoreLogic, housing values in the Illawarra area rose by 2.2 per cent during July, and 22.1 per cent during the past 12 months.
Meanwhile, up north, one buyer successfully played the "waiting game" to snag a property at Thirroul on Saturday.
Set on 784 square metres, the five-bedroom, three-bathroom home at 17 Station Street, Thirroul was up for sale via online auction.
The bungalow was built in 1890 as the station master's residence, and has been modernised and extended.
Co-selling agent, Andrew Hedley from One Agency Kane Downie Thirroul said the buyer didn't want to disclose the final sale price.
However, records show it sold for $2,872,500.
After a slow start to proceedings, there were 26 bids placed.
Mr Hedley said there were five registered bidders, with the successful buyer being from Sydney.
He said the successful buyer had played the "waiting game".
"There were two parties that were duking it out, but the buyer was not one of those two," Mr Hedley said.
"He was somebody who held back and placed a few strategic bids.
"He came in three-quarters of the way through, then went quiet again, and then came in again towards the end."
In the Illawarra's southern suburbs, a three-bedroom, one-bathroom house, set on 613 square metres at 58 The Kingsway, Barrack Heights sold for $685,000.
It was sold last week via online auction, with three registered bidders.
Selling agent, Adam McGrath from Ray White Shellharbour said it was bought by a father and daughter from southern Sydney.
Mr McGrath said the father saw it as an affordable option for his daughter, a first home buyer, to get into the market.
Mr McGrath said inspection numbers in the week leading up to the auction were down due to restrictions related to the pandemic, but there had been strong inquiry overall.
The property had been popular with first home buyers and investors.
"The buyer made a strong bid, and they just didn't get into competitive bidding," he said.