Real Estate in the Shoalhaven continues to boom with 24 blocks of land at Tapitallee selling for $19 million at the weekend.
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All 24 blocks, part of stage one of Tangala Estate, north west of Nowra, sold at auction by Ray White Nowra and Ray White Berry.
Craig Hadfield, director of Ray White South Coast, said the sale was a "highlight" in his 20-plus year career in real estate.
"To sell 24 blocks from 24, all on the one day is fantastic," he said.
"It was an absolute privilege to be the selling agents, along Ray White Berry on this beautiful estate.
"Months of planning and hours of meetings went into the results - $19 million in sales in just over two hours."
The average block price was $790,000.
The estate, which fronts illaroo Road, is just west of Bangalee Road, with each block an acre in size.
Of the 24 new owners, only two were from Sydney.
"The buyers were mainly all local people, the majority being young families, who were purchasing their forever homes," Mr Hadfield said.
"A lot of people thought it would be Sydney buyers who would be chasing this land release, I always thought it would be be locals, who want lifestyle and area ... areas where people will spend good money on their homes and it came true. It's not the type of place you buy as an investment, the case here is people are purchasing for the long term.
"The land release itself has been a fairly lengthy process for the owners, a well-known local family, and developers, also local, Tovedale Pty Ltd, to get it through council and passed, took a number of years.
It is undeniable now, the Shoalhaven property market is highly desirable and people are willing to spend serious amounts of money to secure property here, which is something I have been saying for a long time.
- Craig Hadfield, Ray White South Coast director
"Druce DP, who are part of Tovedale, and also developed the successful Twin Waters Estate, at South Nowra, have also undertaken the design element here and the earthworks.
"By the time people put homes on these blocks, and I've seen some of the designs already, and they look amazing and substantial, you will be looking at an overall investment of around $1.6 million, so it will be a pretty exclusive patch."
More than 100 registered bidders took part in the auction at the Bomaderry Bowling Club, with more than 100 bidders vying for the properties.
"One of our biggest challenges was meeting all the required COVID regulations," Mr Hadfield said.
"We didn't allow partners into the room, and had the auction live streamed to other parts of the club.
"More than 150 people watched live on mobile devices and 14 registered bidders from outside the areas were on phones."
While Mr Hadfield, his colleague David Thorpe and Shane Hilaire, of Ray White Berry, took the lead on the land sale, he said it was a "team effort".
"Planning for this launch started over a year ago," he said. "There has been a lot of work to build up to these results and we got some great outcomes."
He said the sales are great news for the Shoalhaven real estate market.
"It is undeniable now, the Shoalhaven property market is highly desirable and people are willing to spend serious amounts of money to secure property here, which is something I have been saying for a long time," Mr Hadfield said.
"People have been negative towards the Nowra market but these results speak for themselves and prove otherwise.
"These sales highlights and underpins the values in the whole area - and there are no signs of things letting up. And it's not just the beach areas.
These sales highlights and underpins the values in the whole area - and there are no signs of things letting up. And it's not just the beach areas.
- Craig Hadfield, Ray White South Coast director
"It's a good position for the area to be in."
He said with the Far North Collector Road close to the estate, access to Wollongong and Sydney would be "exceptionally fast".
"It used to be a significant price advantage being in Berry but that's not the case anymore, people are more than happy to spend good money in the area. And that's now happening in the northern areas," he said.
Mr Hadfield also paid credit to his "hardworking team".
"A special mention to our amazing team. Hands down the best in the business," he posted on Facebook.
"Our whole sales team who offered to assist on the day and all the admin team who did a mountain of work.
"We must also thank auctioneer Ben Mitchell, one of the best in the business."
Tangala @ Tapitallee is described as delivering a stunning new large lot residential community, boasting a view in every direction as well as bus and walking tracks that link the community to the surrounding rural landscape.
"This elite estate will set a precedent for this region," Mr Hadfield said.
"Welcome home to the 24 new families moving to Tangala."
With only 49 lots available and no future development like this in the region, Mr Hadfield said it is a rare opportunity.
This is stage one of the proposed development with no time frame determined at this stage for stage two, which will include another 24 blocks on land at the same size.
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