Beachside cottage in Bulli, sold at a bumper auction for $2.4 million
For almost $2.5 million, a humble beachside cottage in the picturesque seaside town of Bulli, on the NSW South Coast, has gone under the hammer.
Thanks to its pristine state, enviable location and exclusivity, the Beach Street property fetched $2,420,000 on January 30.
Daniel Hastings, Director of MMJ Wollongong Real Estate, told 9News.com.au that the interest in the immaculate cottage had blown them away.
"We weren't expecting it to go for that high," said Mr. Hastings.
"We were really happy with the campaign and there was no denying there was really strong interest for this property from locals and Sydneysiders alike."
The 65-year-old cottage, offered for sale for the first time since it was built, sits on a 649-square-metre block and is just 150 metres from Sandon Point Beach.
Perhaps most critically, it reverts to a reserve, ensuring that the ocean views of the property are unlikely to ever be constructed.
On Saturday, a supportive crowd gathered to see the estate go under the hammer, with 31 parties registering to bid.
Of those, about nine competed by putting their hand up for the property. A buyer from Sydney was the winning bidder.
The great outcome for the house, Mr Hastings said, was representative of some of the incredible growth currently witnessed in lifestyle-oriented markets outside city centers.
"I still think some of the best growth figures for properties outside Sydney are yet to come,"I still think some of the best growth figures for properties outside Sydney are yet to come.
There's a lot more to come with what we're seeing here on the face of coal.
"I think the pandemic starved the market of stock levels, and now that confidence is rising more vendors are willing to go to market."
Data from the real estate company CoreLogic yesterday revealed that Australia's property values are higher than they have ever been in history, with costs now more costly prior to the COVID-19 pandemic.
During December 2020, the median national dwelling value, which factors in both houses and units, increased 0.9 percent to $574,872.
In January, home values increased 1.6 percent and 1.5 percent respectively across Regional Victoria and Regional NSW, compared to a 0.4 percent rise in home values across Melbourne and Sydney.