A Kiama Heights property built across two titles and featuring views to Loves Bay has sold for $5 million, smashing the suburb record in the process.
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The property at 4 Elanora Road sold to Sydney investors who initially plan on using the property as a holiday home, listing agent Helena Crumpton of Stone Real Estate Illawarra said.
It was sold with a DA approval in place for a duplex on one of the two blocks, which together span 1480 square metres and currently host a three-bedroom, two-bathroom home.
It was this future development upside that likely contributed to the high sale price, Mrs Crumpton said, though the views also "played a big part".
"It was set up a being perfect for someone to do something with it, but for the time being the buyers are just going to use it as a holiday home," she said.
The property previously changed hands in 2017 for $1,575,000. Co-listing agent Greg Crumpton said it was rare to find such a large block in close proximity to the water.
"It's rare to have a home on a double block or two titles in that area, especially fronting a waterfront reserve. It was a rare opportunity, hence why we had a lot of interest and competitive or multiple offers on the property," he said.
The seller, who did not wish to be named, previously told The Mercury that their favourite features of the property were the farmland and ocean views, as well as the privacy.
"One of the things we've loved since being here is whale season, and being able to watch the whales jump from our kitchen table."
The previous record sold price in Kiama Heights was $3.45 million, set by the sale of 34 Elanora Road in August this year.