The sale of a Figtree home under the hammer has smashed the house price record for the suburb.
The home was the subject of "aggressive" bidding at Saturday's auction, eventually selling for more than $3 million.
The selling agent, Leanne Brailey from First National Real Estate Wollongong filled us in on the sale.
The property: The four-bedroom home at 25 Canaan Avenue, Figtree. Sitting on 1.82 hectares, the home has an elevated position in the Mt Nebo acreage estate.
Other features include multiple living areas, a sitting area with an open fireplace, expansive timber covered deck, in-ground pool, a 13-metre by 17-metre industrial workshop, and a 'man cave' with pool table and bar.
Records show the property sold as vacant land in December 2016 for $915,000. The home was completed a few years ago.
The result: The home sold for $3,210,000 under the hammer.
The previous residential house sale price record for the suburb was $2,520,000, set in April 2023.
What made the property special?: It's in a great location, and the quality of the build by renowned local company Banfield Constructions was impressive. There's also the size of the block, the proximity to Wollongong, and to be able to get an acreage. Also, there's the views; being up the top of Mt Nebo in an exclusive estate.
It also has some unique features, including an enormous shed that would be fantastic if you wanted to operate a home business for trades, machinery, that type of thing. And there's also a full walk-in vault.
Setting the scene at the auction: There were four registered bidders, and three active bidders, who were bidding aggressively. All of them were locals. The bidders were quite nervous... Because we hit a price that was a suburb record, and they knew they were playing within that type of dollar value, I think there were a few nerves.
There were quite a few people watching on, who had interest in what was happening. Neighbours and people from surrounding streets were impressed with the outcome.
How did the bidding unfold?: Bidding started at $2.6 million, and it was continuous bidding until it slowed down a little about the $3 million to $3.1 million mark.
It pulled back at that point to being two bidders left... It stalled a little, and a vendor's bid was placed to help things moving, before it eventually sold. There were a dozen bids in total.
What are the buyer's plans?: They're local buyers. They're going to move in, make it their home, and enjoy the lifestyle.
Readers can now subscribe to Australian Community Media's free weekly Illawarra property newsletter, Hot Property Illawarra.
The newsletter will keep you informed about what's currently making headlines in the region's real estate market and beyond.
To sign up, click here, scroll down, enter your details, click the 'property' box and then click 'subscribe'.
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?
