'Hidden gem, waiting to flourish': why Oak Flats and this waterfront gem is attracting luxury bargain hunters

Updated 6 months ago

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Published 31 March 2026

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The Property Council's Illawarra Outlook Lunch took place this week.

Featuring a designer egg bath and direct lakeside view, a renovated property that has come onto the market has all the hallmarks of luxury living.

But it is situated in a suburb that has been arguably under the radar, and which has been described as a "hidden gem".

Listing agent of the Oak Flats property, Rob Gansl from Illawarra Estate Agents, said the suburb was attracting developers who were eyeing large blocks, "but we are finding that with the waterside in particular... Oak Flats has been a bit of a hidden gem".

Read more: 'Grateful to get in': Retro entry-level Thirroul property quickly finds a buyer

The en suite bath looks straight over the water. Picture: Supplied

"Like Port Kembla has become a sought-after suburb, I think Oak Flats, particularly the part where the waterfront properties are has really started to come into its own," he said.

His latest listing, a five-bedroom renovated waterfront home at 133 The Esplanade, Oak Flats sits on a 733 square metre block.

Mr Gansl said standout features of the home included the sunsets, the mid-Century feel, and a "very good indoor-outdoor living style that you can enjoy".

The home, pictured in 2013. Pictures: Cotality

"The really outstanding part is the en suite bath, which looks straight over the water," he said.

"That's something that a lot of houses don't have.

"It has that really open feel. It's a great summer house, but with a huge tree out the back that protects it from the summer sun.

The five-bedroom home at 133 The Esplanade, Oak Flats sits on a 733 square metre block. Picture: Supplied

"And it's a great entertaining home because you can go inside, and outside the pool area... And it's all very private."

According to Cotality records, the home was previously sold in February 2014 for $550,000.

The main bathroom has since been renovated to incorporate a shower, toilet and laundry facilities.

The owner also renovated theen suite, upgraded the kitchen and pool, added the back decking to create an outdoor space, re-painted, and added a full outdoor kitchen.

The home has undergone a significant renovation. Picture: Supplied

The home has a guide of $1.95 million to $2.1 million.

Designed for relaxed living and entertaining, the home has an indoor/outdoor flow and plenty of character.

With direct lake access, the new owner can enjoy jet skiing, boating, kayaking and fishing, plus their own private mooring.

According to Cotality records, the home was previously sold in 2014 for $550,000. Picture: Supplied

The home is due to go under the hammer on April 18.

According to Cotality, the current median house value in Oak Flats is $999,984.

Mr Gansl sees real opportunity in the suburb.

The home is due to go under the hammer on April 18. Picture: Supplied

"People are starting to realise, especially those coming down from Sydney... These lakeside suburbs are coming into their own.

"People from Sydney who may be living in a concentrated heavy city lifestyle, can sell their $2.5 million home, come down here and get an absolute waterfront for about $2 million or even less.

"It's a hidden gem that's waiting to flourish."

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