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Humble beachside cottage almost cracks $2.5 million

Published: (Updated: ) in Australian News by .

A humble beachside cottage in the picturesque seaside town of Bulli has gone under the hammer 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 for almost $2.5 million.

The property on Beach Street fetched $2,420,000 on January 30 thanks to its pristine condition, enviable location and exclusivity.

Daniel Hastings, Director at MMJ Real Estate Wollongong, told that they were blown away by the interest for the immaculate cottage.

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"We weren't expecting it to go for that high," Mr Hastings said.

"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."

Offered for sale for the first time since it was built, the 65-year-old cottage sits on a 649-square-metre block and is just 150 metres away from Sandon Point Beach.

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Perhaps most importantly, it backs onto a reserve meaning the property's ocean views are unlikely to ever be built out.

A generous crowd assembled on Saturday to see the property go under the hammer, with 31 parties registering to bid.

Of those, around nine competed for the property by putting their hand up. The winning bidder was a buyer from Sydney.

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Mr Hastings said the great result for the property was indicative of some of the amazing growth currently being experienced in lifestyle-oriented markets outside of city centres.

"I still think some of the best growth figures for properties outside Sydney are yet to come," Mr Hastings said.

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"Going off what we are seeing here at the coal face, there is a lot more to come.

"I think the pandemic starved the market of stock levels, and now that confidence is rising more vendors are willing to go to market."

READ MORE: Massive price boom predicted for Aussie property

Yesterday data from property firm CoreLogic showed Australia's property values are higher than they have ever been in history, with prices now more expensive prior to the COVID-19 pandemic.

The median national dwelling value – which factors in both houses and units – lifted 0.9 per cent during December 2020 to $574,872.

Home values across Regional Victoria and Regional NSW rose 1.6 per cent and 1.5 per cent respectively in January compared with a 0.4 per cent increase in home values across Melbourne and Sydney.

Source: 9News

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