A penthouse apartment on sought-after Cliff Road has fetched more than $5 million, with the seller also making a significant gain on the sale after a couple of years of ownership.
Lou Niceski from Elders Real Estate Wollongong was the selling agent for 3/52 Cliff Road, Wollongong.
It sold for $5,275,000 last week. According to CoreLogic, it sold after 62 days on the market.
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Mr Niceski said it sold to a local buyer, after a sales campaign aimed at pre-qualified buyers.
He said there was also interest in the home from international, Sydney and Canberra buyers.
"Sales and properties like this don't come around very often," he said.
The seller has also made a significant gain on the property, which previously sold in June 2019 for $3,300,000.
Mr Niceski said the penthouse had undergone minor renovations by the seller.
The four-bedroom waterfront penthouse is set over two levels. It's located in a boutique unit complex of three private apartments.
Situated in a centre, front row position, the property offers unobstructed views of the beach, harbour and more.
The lower main living level comprises three bedrooms.
The upper level comprises of a master bedroom, full kitchen, open lounge/dining, leading out onto the ocean balcony.
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According to CoreLogic records, $5 million-plus sales on the exclusive Cliff Road are rare.
The highest sales price there is 11/72 Cliff Road, Wollongong, which sold for $5,850,000 in 2019.
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Meanwhile, the seller of a property in the region's northern suburbs has also recorded a significant gain.
The home at 6-8 Reef Avenue, Wombarra recently sold off-market for $5,450,000.
The property previously sold for $2,550,000 in March 2018.
This oceanside family home is situated on a 1514 square metre block overlooking the beach, rock platform and ocean pool of Wombarra.
Selling agent, Peter Armstrong from AM Rutty Coastal said it was sold to a Sydney buyer.
He said the buyer had missed out on another property in the northern suburbs, and wanted to be close to the beach, as well as have significant car parking and a property with substantial space.
