Coalcliff’s 4.715 million dollar view

On 560sqm, the four-bedroom, two-bathroom property at 26 Paterson Road sold at auction in February for $4.715 million. It previously sold in November 2017 for $3.35 million.

The sale involved several members of the Ray White Helensburgh team, including directors Simon Beaufils and Mattias Samuelsson, assisted by Ian Pepper and Jayson Hollaway. The auctioneer was Ron Kissell, assisted by Chris Kissell.

Ray White director Mattias Samuelsson told 2508 how the record result came about.

What records did this Coalcliff property smash?

This price has set a new benchmark for residential properties in the Northern Illawarra, exceeding the previous highest sale, which was a beachfront property in Thirroul at $4,125,000. The response to our marketing campaign was truly astounding, with over 53,000 online property views and 150 inspections in four weeks.

What was it expected to fetch and what drove the surge in interest?

Initial expectations were in the vicinity of $3,500,000. In the wake of Covid, we have discovered a lot of people wanting to move out of Sydney and the orthern Illawarra presents the perfect opportunity to secure a relaxed coastal lifestyle within a reasonable proximity to the city.

We heard a surprise visitor stole the open-house show.

A seal – who has been spotted around our beaches recently – happened to be sunbaking on the sand directly in front of the home during the open home. As someone who has been born and raised in the local area, this was amazing to me, let alone buyers who had come down from Sydney. Several even asked me how I managed to organise it.

What was the seller's response after the auction?

When the hammer went down, the look on the owner’s face was priceless. He’d approached the auction with an open mind, but this was well beyond his expectations. I believe that there was a lot of champagne consumed that night.

What are the buyer’s plans for the property?

The buyer is from Sydney and will be utilising the property whenever they get the chance. They see it as the perfect escape from the busy city life.

Is this price the new normal?

Whenever there is a result that far exceeds any previous sale price in the area, there does tend to be a shift in the market. Prospective buyers seem more comfortable paying slightly more, knowing that the bar has been set and they’re not going to be overcapitalising on their purchase. However, the real estate market is really only as strong as the last few sales, so this shift may not last.