REAL estate sales in Callala Beach have reached record heights with a beachfront property selling for more than $2 million, when the home wasn’t even on the market.
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Ray White Callala director Craig Hadfield sold the three bedroom home, with a detached self-contained area, at 97 Quay Road for $2.1 million.
“The previous best sale for the area was $1.925 million in 2006,” Mr Hadfield said.
“This is the first sale over $2 million. It sets a new benchmark. Property continues to rise at the top end of the market going forward.
“This sale is good for the entire area. Having prices that high for beachfront drags off the water prices up as well. That will spread to other suburbs like Currarong and Culburra.”
The large, architecturally designed, Balinese inspired home features a number of imported Balinese timbers.
The double storey home with direct beach frontage, has three bedrooms and three bathrooms, with another bedroom and bathroom in a detached self-contained area.
“It also features an internal garden,” Mr Hadfield said.
“A Sydney couple have owned the property for over 15 years. They undertook a major renovation 10 years ago, converting it from a fibro shack to the substantial, beautiful home it is today.”
He said the home has been purchased by a young Bowral couple.
Mr Hadfield said the Shoalhaven market was “running hot” with Sydney buyers realising the excellent value in the local area.
“Waterfront properties down our way at Currarong, Callala and Culburra have been a bit slower to follow the Sydney trend and catch up,” he said.
“Our markets on the water in Gerringong have been hot for 12 months, now that trend is shuffling further south.
“That possibly could be due to prices becoming even further out of people’s reach up north and they are looking further south.
“And there is exceptional value. Direct waterfrontage for $2.1 million is very good value.
“It certainly suggest other properties here, or some recently built, could potentially sell closer to the $3 million mark if they went on the market.”
Mr Hadfield has been selling houses at Callala for the past 13 years and has experienced the highs of ’05-06, the following retraction by about 40 per cent and the subsequent stabilisation of the market.
“It is gradually moving forward,” he said.
“This property was on the market a year ago but was withdrawn from sale. This offer was off market and that is becoming more common.
“Our buyers described what they were after and we approached the owners if they were willing to sell?
“We had a similar instance in Culburra about six months ago where a property sold off market for $1.6 million.
“Generally in the Shoalhaven, the property market has been very good. All suburbs have experienced growth in the past 12 months and that will continue into the new year.
“Some areas have seen substantial growth.
“In Culburra five or six years ago more than 100 properties were for sale. Two months ago there was just six. That is a huge shift from oversupply to undersupply which has been big driver of sale prices.”
He also said low interest rates and infrastructure upgrades, such as work on the Princes Highway, had been bringing people further south.