Competition to own a piece of paradise at Gerroa is booming, with the seaside town's property price record shattered for the third time in six months.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
A three-bedroom waterfront property at 160 Headland Drive sold at the weekend for $5.26 million, capping off six days of negotiations with would-be buyers.
The incoming owners are a middle-aged Sydney couple who have not decided on their plans for the site, according to agent, First National's Ryan Stalgis.
The eye-watering sale price dwarfed a guide of $4 million. Mr Stalgis said the guide was in light of a recent sale for a nearby bigger property, which sold for $4.75m.
"It's not an intentional effort to underquote, but it's hard to know how far buyers are willing to go at the moment," he told Australian Community Media.
"The last few I've sold have gone way above the price guide, just with a few buyers that really want it and refuse to let go."
The property is one of precious few on the tip of the Gerroa headland, where views are maximised and properties spill onto not-to-be-developed council reserve space.
"The local council feels very strongly about preserving what remains of all our headlands and it's an iconic part of what makes this area special, so they have a pretty strong stance on not developing the headlands any more than they have been," Mr Stalgis said.
"It really was the pick of the bunch, they don't come up that often."
Is the third time since December Mr Stalgis has broken the suburb's property record.
In December the waterfront 74 Stafford Street sold for $4.35m. The record fell again in April when 134 Stafford St sold for $4.75m.
Mr Stalgis, who was born and raised in Gerrigongong, said the lack of land releases in the area had likely helped push prices skyward, as had COVID-related flexible work arrangements and a knock-on effect from the Sydney market.
"A lot of expats coming back from overseas have bought up property in Sydney, which is leaving people flush with cash to come and buy down the coast," he said.
We depend on subscription revenue to support our journalism. If you are able, please subscribe here. If you are already a subscriber, thank you for your support.