A Bulli home has sold for an eye-watering $5 million, just days after another property in the same suburb fetched well in excess of $4 million.
It also appears to be the third time this year that a new residential sales price record has been set in the suburb.
The home at 26 Point Street, Bulli sold for $4,140,000 in June, which records indicate set a new suburb record at the time.
This figure was eclipsed last Tuesday, when the home at 6 Garaban Court, Bulli sold for $4,405,000, within three weeks of being listed and prior to auction.
Then, according to Darren Kay from Belle Property Illawarra, he sold the home at10 Blackall Street, Bulli off-market for $5 million last Friday.
Mr Kay said the Blackall Street waterfront home featured four bedrooms plus a study, three bathrooms and double-car garage.
He said it was sold to a southern Sydney buyer from their database.
Mr Kay said the buyer had been looking for a holiday/coastal lifestyle, and planned to initially utilise the property as a holiday home, with potential retirement options in the future.
"On Blackall Street, as you come up Trinity Row, there's a slight elevation which provides exceptional beach and ocean views," he said.
"The buyers had been looking for quite some time, and the close proximity to southern Sydney being an hour away was ideal."
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According to CoreLogic, the median sales price for Bulli has increased from $1,020,000 at the onset of the COVID-19 pandemic in March 2020, to $1,400,000 in May this year.
The median price in the suburb has increased 95.6 per cent in the past five years.
During the past 12 months, there have been 18 houses in the suburb that have sold for $2 million or more.
Mr Kay said the "gentrification from Sydney" was driving the major interest in places such as Bulli, as the COVID-19 pandemic reinforced that people could work from home in a beachside suburb.
"We always knew there were Sydney buyers coming down here, but it's never been as strong as this," he said.