An Illawarra buyer has beaten out parties from overseas and Sydney to snag a high-end Bulli home that was on the market for the second time in three years.
The home at 6 Garaban Court, Bulli sold for $4,405,000 earlier this week, within three weeks of being listed and prior to auction.
In early 2019, the home sold prior to auction for $3.2 million.
The seller has enjoyed a strong return on the property, with a gain of $1,205,000 between sales, or an increase in value of more than $38,000 for each month it was held.
Selling agent, Trever Molenaar from Molenaar + McNeice said prospective buyers including those based in Hong Kong and various parts of Sydney.
"It's a beautiful build, and had the big garage - to get a 10-car garage is pretty unusual now," he said. "And it has great views."
Given the gains the property had yielded since it was previously sold, Mr Molenaar said the owner of the home had "bought well and sold well".
Mr Molenaar said within the current hot Illawarra market, an increasing number of buyers didn't want to "fight it out" at auction, and instead were looking where possible to snap up properties prior to them going under the hammer.
He said sellers were often fine with selling prior to auction, provided their home fetched a good price.
"We're getting offers early, and that's [deciding whether to wait until auction day] the hardest thing to work out from an owner's point of view," he said.
"There seems to a big pool of buyers in any price range, that as soon as a property hits the market, everybody jumps on it.
"There's a bit of a feeding frenzy. So whether or not they sell prior to auction or they go to auction, that's the main gist of what's happening at the moment.
"The high-end [in the Illawarra] is going really well at the moment."
The four-bedroom, four-bathroom (plus two powder rooms) home is set on 601 square metres.
Boasting views of McCauley's Beach and north to the national park, the home is set over three levels.
It's luxuriously appointed throughout with lift access to every level, a private cinema room and lap pool.
It also features vaulted ceilings, high-end finishes and fixtures throughout the property and a generous basement with parking, wine cellar and gym.
Other properties throughout the region have recorded significant gains recently, or been valued considerably higher than when previously sold.
Two separate buyers recently snapped up neighbouring Gerroa properties for a combined total of more than $3.7 million, almost three times what they last sold for in 2016.
Listed by the same vendor, the property at 92 Crooked River Road, Gerroa sold for $935,000, while 94 Crooked River Road sold for $2,850,000.
In 2016, they sold for a total of $1.3 million.
A country retreat in the Shoalhaven which has increased its value by about $2 million in little more than two years is back on the market.
Set on 1.6 hectares, the four-bedroom, two-bathroom (plus powder room downstairs) home is located at 388C Main Road, Cambewarra.
It has a price guide of $3 million to $3.2 million.
According to CoreLogic, the house previously sold in May 2019 for $1.2 million.