A government-owned parcel of land at Kiama Downs has sold for $6,370,000 during a highly competitive online auction, more than doubling its reserve price.
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Lot 12 Barton Drive, Kiama Downs consists of 0.68 hectares of residential land.
The land was bought by a Sydney-based developer under the virtual hammer on Thursday.
The selling agents were Tim Jones and Travis Machan of of MMJ Wollongong.
Mr Jones said the "crazy" hour-long auction featured eight active bidders and plenty of "spirited bidding".
Although unable to reveal the exact reserve price, he said the final sale amount was more than double the reserve.
"I don't remember ever in my 19 years of doing this, having a property where you had over 200 inquiries and over 200 bids," he said.
"We knew we were in for a busy one with it, but couldn't have anticipated it being that busy and getting that strong a result."
Mr Jones said it was rare for undeveloped land sites of this size to become available in Kiama Downs.
Mr Jones said the buyer was a large Sydney-based developer, and the under-bidder "who pushed them for probably the last 45 minutes of the auction was as well".
"Most of the bidding stopped at about the $4 million mark, and it was the two Sydney developers who just went head-to-head for the next 40 to 45 minutes," he said.
The land is zoned R2 Low Density Residential, and is located in an elevated position with ocean views.
Mr Jones said the zoning allowed for various residential outcomes, subject to council approval.
"I wouldn't be surprised to see anything from residential land lots right through to townhouses," he said of the buyer's plans.
The seller was Transport for NSW.
The Mercury understands the land was part of a parcel that was purchased to allow infrastructure works to take place.
Mr Jones said the government had attempted to sell the land a few years ago, as it had been deemed "surplus to their needs".
However, while it initially sold back then it didn't reach settlement.
Brendan Crabb
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
