A decision to delay selling at the start of the COVID-19 pandemic has paid dividends for the vendors of a Gerroa home, with the record-breaking $7.1 million sale price up more than $4 million on its 2020 guide.
It's one of the latest in a string of sales to break suburb records in the Illawarra and South Coast in recent months.
This includes an "architectural masterpiece" at Coledale which fetched more than $500,000 above that suburb's previous record.
Read more: Property Suburb in the Spotlight: Gerringong
The home at 138 Headland Drive, Gerroa sold off-market for $7.1 million earlier this month.
The result smashed the previous sale price record for the suburb, which was $5.26 million, set in June for 160 Headland Drive.
CoreLogic records show 138 Headland Drive was listed for sale in March last year with an asking price of $2.9 million.
However, selling agent, Ryan Stalgis from First National Coast & Country said the vendors then decided not to sell, so that they could continue living there through the COVID-19 pandemic.
"The vendors are obviously thrilled with the result, and the purchasers, who had been looking for a very particular position in Gerroa, are excited to have secured a property in this coveted location," he said.
"[It was sold to] a buyer from outside of the local area. I won't reveal anything else about the buyer out of respect for their privacy."
The property is a renovated three-bedroom home backing onto the waterfront reserve.
Mr Stalgis said the standout features were the "incredible" views of the ocean and rolling headland, and the property enjoying a sunny north-easterly aspect.
According to CoreLogic, 138 Headland Drive previously sold for $1.1 million in 2010.
Meanwhile, a home at Coledale has set a new price benchmark for that suburb.
The property, at 6 Young Street, Coledale sold for $4.15 million at online auction earlier this week.
'The Blade' and 'Jenga House' have been designed by the award-winning, Thirroul-based architectural firm Takt Studio.
The home and granny flat sits on a corner block with ocean views.
The previous suburb record for Coledale was $3.55 million.
Selling agent, Ian Pepper from Ray White Helensburgh said the home was an "architectural masterpiece".
Mr Pepper said the buyer was from the Sutherland Shire, who planned to utilise the property as a holiday home.
The opening bid was $3.3 million, and it had a reserve price of $3.9 million.
There were ten bids placed, with two parties dominating the bidding.
Mr Pepper said the bidding was "slow to get started", but once it did "went up in $100,000 increments up to $4 million".
"Then it went up in $50,000 increments to the sale price," he said.
"The sellers are ecstatic, and they can now move on to the next project they're going to do."
There has been a series of new suburb price records set throughout the Illawarra and South Coast so far in 2021.
This includes the home at 15 Shipton Crescent, Mollymook which recently sold for $10 million. It sold at online auction after 39 days on the market.
A block with two dwellings at 218 The Wool Road, St Georges Basin recently sold for $3.4 million.
The five-bedroom, five-bathroom home at 112 Charles Avenue, Minnamurra sold in July.
Although the buyer didn't wish to disclose the final sale price, it's understood the figure was $5.1 million.
A beachfront property in Wombarra was snapped up in April by a Sydney buyer for a jaw-dropping suburb record price of $6.31 million.
Also, in February a Sydney buyer snapped up a Coalcliff property with impressive ocean views for a record price of $4,715,000.
Meanwhile, a Towradgi property fetched $4.53 million under the hammer in August.
For sale after 50 years, the home at 6 Marine Parade, Towradgi was sold via online auction.