A rural property near Albion Park with subdivision approvals already in place has sold for more than $4 million.
'Corona', located at 120 Yellow Rock Road, Tullimbar sold for $4.2 million earlier this week.
The property features 5.17 hectares of ex-dairy land rezoned, with development application approval for a nine-lot rural subdivision, ranging in size from 2000 square metres to 2.7 hectares.
The property also features a large five-bedroom home, and boasts views to the escarpment.
CoreLogic records show the property sold after 67 days on market, and had previously been listed for sale with a guide of $4.5 million.
Selling agent, Bernadette Farrell from Ray White Gerringong said there was a range of interest in the listing, including from buyers who weren't just looking to purchase it as a development site, but viewed it as a rural location.
Ms Farrell said she couldn't confirm the "keen" buyer's plans for the property, but said the approved subdivision would yield good-sized lots.
She said the interest in the property was widespread, including from Sydney and local buyers.
The Mercury understands the property had been in the same ownership for several decades as part of a long-term family holding.
According to CoreLogic, there has been several major land sales at Tullimbar since 2017, including development sites that have sold for $18,760,000, $10,500,000 and $6,215,000 respectively.
Records indicate the previous highest sale price for a property in the suburb which also featured an existing dwelling was a 2.58-hectare property on Yellow Rock Road, which sold for $3.5 million in 2019.
Earlier this week, property valuation and advisory company Herron Todd White's region director Chris McKenna provided a breakdown of the vacant land market in the Illawarra.
He said in Calderwood and Tullimbar, the bottom of the market includes smaller terraced lots under 400 square metres and current values for these sit around $400,000, with regular shaped level 450 square metre sites valued at about $500,000.
"There is also an abundance of supply with over 30 lots available for sale, with purchasers able to take their pick and find a vendor willing to meet their price," he said.
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Brendan Crabb
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
