A Sydney buyer has snapped up a weekender in a sought-after South Coast spot for nearly $5 million.
CoreLogic records indicate the property sold after more than a year on the market.
The home at 39 Burke Parade, Gerroa changed hands for $4.9 million.
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The four-bedroom home is located directly opposite Seven Mile Beach.
Other features include an open-plan kitchen; a dining and lounge with a gas log fire; a heated saltwater pool and spa; a hydraulic lift; and a rainwater tank.
According to CoreLogic figures, the median sales price of houses in Gerroa more than doubled in the space of a year during COVID.
The median sales price was $1.338 million in December 2020, and $2.85 million a year later.
Selling agent, Ryan Stalgis from First National Coast and Country said the home at 39 Burke Parade was sold to a Sydney buyer who planned to utilise it as a weekender.
Mr Stalgis said the home had a couple of reductions in asking price - starting at the $6 million mark and later $4.95 million - which was reflective of the cooling Gerroa market during the past 12-18 months.
"It just needed the right buyer, and at that price-point there is a smaller pool of buyers," Mr Stalgis said.
"It came on in that period after the market had slowed up.
"But being such a small area out there, there's not many properties at the high-end that change hands too often. And there hadn't really been any sales since the market had slowed up for anything like that.
"It took a little time to find the right buyer and figure out where it sat in the market.
"It's in a great position. It's as good as it gets out there, you're just straight opposite the beach."
According to CoreLogic records, the most recent sales of $3 million or more in Gerroa were transactions of $3 million and $3.5 million respectively, both in March 2024.
CoreLogic records show that currently the median sales price of houses in Gerroa is $2.08 million.
Meanwhile, a renovator's dream at Lake Heights has sold after a week on the market.
The property at 54 Ranchby Avenue, Lake Heights sold for $645,000.
The rundown three-bedroom home sits on a corner block of 644 square metres.
According to CoreLogic, the property previously sold in October 2023 for $664,000.
Selling agent, Mathew Niksic from Ray White South Wollongong said the seller had planned to renovate and flip the home, but a change in circumstances led to the property being listed now instead.
"We had one open home, and a fair few buyers came through," Mr Niksic said.
The home was sold to an Illawarra buyer who planned to renovate.
The marketing doesn't contain any interior photographs of the property.
"It does need a lot of work; it's got a little fire damage in the living room," Mr Niksic said.
"The buyers are happy with the location and are going to do a full gutting and renovation.
"It's pretty rundown. Inside it's fairly dated anyway, but because of the fire damage it has to get the roof repaired and some of the rafters."
Currently the median sales price of houses in Lake Heights is $851,500.
Also, a block of units near Wollongong has changed hands.
The property at 204 Gipps Road, Gwynneville sold for $3 million.
The property contains four two-bedroom units and two one-bedroom units, currently returning $124,800 gross per annum.
CoreLogic records show the property was previously sold in 2014.
The property is situated on a 766 square metre block with a 15.2-metre frontage, and features eight on-site parking spaces.
Selling agent, Anthony Sorace from A-List Property Group said the property was sold to an Illawarra buyer, who would be retaining it as an investment.
