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Today's quote:

Thursday, March 10, 2022

Serenity has gone through the roof

The English have Shakespeare; we have THE CASTLE.
We're the luckiest country in the world! 😀


Serenity has gone through the roof, with any old house within walking distance to the water, let alone water views, selling for well above a million dollars. Here are some local examples which seem to suggest that $2 million is the new normal:

I had already written elsewhere about the record-breaking and eye-watering $2,950,000-sale at 9 Casuarina Lane, Broulee in February 2022, hadn't I? Then there was 21 Beechwood Court, Sunshine Bay which in the same month sold for $2,050,000. Just a few months earlier, in July 2021, 19 Bronte Crescent, Sunshine Bay, sold for $2,400,000 which suggests that 25 Bronte Crescent, Sunshine Bay should get its advertised eye-watering $2,990,000 despite its land size of only 588 square metres (then reduced to $2,850,000, and now reduced to $2,680,000).

Speaking of which, 18 Bent Street, Batemans Bay at $899,950 (now reduced to $859,000) for 942 square metres is land value only, and should be, according to the agent, "well sort after" [sic] (don't worry, these guys get paid for their gift of the gap, not their gift of spelling; I once employed an agent who spelt the tens of thousands of dollars he would charge me, "comision").

A fairly ordinary house at 53 Coronation Drive, Broulee is now selling for $1,800,000. It last sold in 2001 for $295,000. That's a six-fold increase! (And it sold for $1,800,000 in July 2022. Incredible!)

Another one at 43 Karoo Crescent, Malua Bay, on just 683 square metres of land and inquisitive eyeball to eyeball with all the neighbours, is on offer at $1,700,000 to $1,800,000 (now reduced to $1,395,000 to $1,425,000). And here's the kicker: it last sold in February 2020, a mere two years ago, for a mere $825,000 - click here. IT SOLD FOR $1,375,000 IN JUNE 2022.

And what about 41 Barbara Crescent, Denhams Beach which last sold in June 2010 for $560,000? It's now on sale for $1,800,000 to $1,950,000. (Sanity kicked in: it's been marked down to $1,600,000 to $1,700,000 which seemed to have done the trick because it sold on 20 April 2022 for $1,637,500)

Then there is 8 Woodlot Place, Batehaven, which could be yours for just $2,200,000 to $2,400,000. It last sold in March 2017 for $285,000 but that, surely, must've been just for the block of land before they build on it. It's a very comfortable three acres but very far from any water (now reduced to $2,150,000; and again reduced to $1,850,000 to $1,950,000; and, having got sick of all those hopeless agents, they've now got it for Sale by Homeowner for $1,750,000 to $1,850.000).

26 Clearwater Terrace, Mossy Point, built after the 6747m2-block was bought for $180,000 in February 2012, is now for sale at $2,300,000. (UPDATE: sold 14 April 2022 at an undisclosed price)

The madness continues: 183 Annetts Parade, Mossy Point last changed hands eighteen months ago for $1,200,000. It's going to auction, with the local paper giving as price guide "Offers above 4 million". Phew! (despite having been passed in at auction on a vendor's bid of $3.8 million, it is now advertised with a price guide of $4.1 to $4.4 million! - again changed to "Awaiting price guide", whatever that means. And now it's gone OFF MARKET altogether!)

71 Banyandah Street, South Durras had a bidding guide of $1.3 million on it, and sold at auction in February for $1,915,000. Another phew!!

What about 6 Brushbox Place, Batehaven? It's a nice place on two acres but far from the ocean. So is it worth $2,000,000 to $2,200,000? Really! (Am I seeing right? Now reduced to $1,750,000 to $1,850,000? And now it's gone OFF MARKET altogether!)

2A Figtree Close, Surf Beach is a smart-looking modern house on a large block with swimming pool, and probably worth the $2,250,000 they're asking for it. If it's anything above the ordinary, it's above $2 million! (SOLD 1 JULY 2022 for $1,975,000)

Even one half of a duplex at 89B Coronation Drive, Broulee - albeit facing the ocean - now sells for no less than $1.35 to $1.45 million. It finally sold in June 2022 for $1,300,000.

And here's 32 Ocean Road, Batehaven, last sold in September 2013 for $370,000, which is now on sale for a mere $1,500,000. It must have been the 2.5x2.5-metre observation tower that's gone to their head! (now advertised as "by negotiation")

32 Ocean Road, Batehaven
The real estate agent calls it "a banquet for the eyes"


Just how much the market has jumped can be seen at 78 Vista Avenue, Catalina on a mere 644.8 square metres (note the .8 !) which sold in 2013 for $610,000, and is now on sale for $1,400,000 to $1,450,000. (SOLD 1 JULY 2022 for $1,300,000)

Closer to home, the old and now derelict Steampacket Hotel across the river has just now sold for its land value at $1,601,000 - click here.

And, finally, there is nearby 3 Sproxtons Lane, Nelligen which was meant to go under the hammer last Saturday, but the a(u)ction was cancelled at the last minute - lack of interest? - and it's now for sale by private treaty in the range of $2,100,000 to $2,300,000 (what is this "range" stuff? do agents hope someone will offer $2,300,000 when the range starts at $2,100,000?) Anyway, it last sold in February 2007 for $800,000, and whatever it sells for now will be of useful guidance to "Riverbend" which is more than twice the house and about 20 times the land area.

Most of the other houses currently on offer don't even mention a price but want you to fight it out at an auction. How's that for serenity?

Googlemap Riverbend


P.S. Tong, aren't you feeling lucky you didn't buy "Riverbend" at $1.9mill?

P.P.S. If you want to know what a property is worth, realestateview.com.au is a good starting point.

P.P.P.S. 3 Sproxtons Lane, Nelligen has since disappeared from realestate.com.au although it's still on the agent's website - click here.