A South Coast home has sold for an eye-watering sum, going for more than three times the suburb’s previous record.
Late in October, 12-14 Victor Avenue in Narrawallee sold for $12 million.
LJ Hooker Ulladulla director and licensed real estate agent Lisa Cox said interest in this property was strong even before it had been sold.
“We received a lot of enquiries, particularly from overseas and also received a number of offers,” she said.
Ms Cox said the property has a number of special features that made it notable.
“It is hard to say what was the most impressive aspect of the home because it is so lovely.”
“It is a very special location, the views are spectacular being positioned on the beach across two blocks.”
According to RP Data from LJ Hooker Ulladulla, the previous sale record for Narrawallee was $3.8 million for 36 Macleay Street in April 2021.
The recent result was also higher than the record in the nearby suburb of Mollymook, which is held by 15 Shipton Crescent after it went for $10 million in October 2021.
LJ Hooker Ulladulla sold the home alongside the Michael Coombs team at Atlas by LJ Hooker.
The six-bedroom house on Victor Avenue is one of two houses directly adjoining Narrawallee Beach on the NSW South Coast.
Set across two levels, it has 180-degree views, a formal lounge and dining room, French doors, fireplaces, a deck, stone benchtops, a butler’s pantry and six ensuites.
The new owner will be using it as a holiday home.
LJ Hooker Group head of research and business intelligence Mathew Tiller said there was an existing market for luxury holiday homes on the South Coast.
“Those coastal towns like Mollymook, Ulladulla and the like have always been very popular for holiday homes,” he said.
“They have high-quality restaurants, cafes and those kinds of things in the area and a high quality of construction in these luxury holiday homes.
“The top-end share of the market down in the South Coast is increasing.”
While there was ongoing interest, Mr Tiller said the peak of demand had faded slightly.
“We’re definitely seeing it’s not as strong as what it was coming out of COVID, where we obviously saw a lot of interstate migration from Sydney,” he said.
“That was a bit of a spike in demand for property outside of Sydney and South Coast was a really popular spot with those looking for a sea change and a tree change.
“People were also coming from Melbourne, but not to the same extent.”
Mr Tiller said people heading to the regions to find luxury real estate would have an ongoing effect on existing communities.
“There is obviously the normal market down there, but there is a rise of a top-end market,” he said.
“It’s a tale of two markets down there.”