The often-maligned Warrawong has registered another million-dollar property sale, with a home selling for seven figures under the virtual hammer.
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According to CoreLogic's preliminary figures, of the 44 results collected for the Illawarra so far, there was an auction clearance rate of 84.1 per cent for the week ending October 31.
Property sales reached the $1 million mark in Warrawong in late 2020, and again with the sale of 27 Carlotta Crescent in May.
According to CoreLogic, currently the median sales price of houses in the area is $610,000.
Warrawong has now recorded what appears to be a residential sale price record for the suburb, with a property there selling for more than $200,000 above reserve.
The home at 23 Greene Street, Warrawong sold via online auction on Saturday for $1.01 million.
The two-bedroom, north-facing house sits on a 872 square metre block with B3 Commercial Core zoning.
In recent times, it has been a rental property and hasn't utilised the commercial zoning.
Selling agent, Ali Yagmur from Domain Illawarra Real Estate said it was an "excellent" result for a sale in Warrawong to surpass the $1 million mark.
Mr Yagmur said there were ten registered bidders, but the auction came down to a two-horse race between two out-of-area developers.
"It went for more than $200,000 above reserve," he said.
He said the zoning was appealing to buyers, especially developers, as it afforded both residential and commercial possibilities, subject to council approval.
Some of the possible uses permitted with consent include boarding houses; centre-based childcare facilities; hotel or motel accommodation; and seniors housing.
Meanwhile, other residential sale price records were registered within the region, with a property at Shell Cove selling for $2.8 million at online auction last week.
The four-bedroom, three-bathroom home at 29 Dampier Crescent, Shell Cove sits on 901 square metres.
The result smashed the previous sale price record for Shell Cove of $2.2 million, set just a day prior.
The home features multiple living spaces, a home office and games room that leads out to a south-east facing balcony with views from Port Kembla to Bass Point.
It also contains an alfresco area with built-in fireplace and barbecue area, as well as an in-ground concrete pool and spa bath.
Selling agent, Shane Szakacs from Ray White Shellharbour said it was sold to a local buyer, with the under-bidder from Sydney.
There were seven registered bidders.
"The timing for the auction was impeccable, given they had the official opening at the marina later that week," Mr Szakacs said.
"It's probably one of the bigger blocks in Shell Cove, but it's a real entertainer's home."
The home at 29 Redman Avenue, Thirroul sold under the virtual hammer for $2.31 million on Saturday.
The five-bedroom, three-bathroom home sits on 746 square metres.
The selling agents were Kane Downie from One Agency Kane Downie Thirroul and Michael O'Neil from Ozway Realty.
Mr Downie said it was sold to an Illawarra buyer.
Mr Downie said the buyers wanted a property with a yard that was close to the beach, and with a rural feel.
He said the interest in the home was predominantly from local buyers, who liked the location near the beach and shops.
Also, the home at 45 Lindwall Street, Warilla sold via online auction for $682,000 last week.
The three-bedroom, one-bathroom home sits on 626 square metres.
Selling agent AJ Hatch from Ray White Shellharbour said it was sold to an Illawarra buyer.
He said there were ten registered bidders - mainly first home buyers and investors - with some interested parties from Sydney and Canberra who made offers sight unseen.
He said after a slow start to the bidding, it just surpassed the reserve price.