The sale of a Kiama Heights property has resulted in the seller scoring a $750,000 gross profit after just a few years of ownership.
The property had been solely utilised as an Airbnb-style holiday rental during its recent ownership.
The property, located at 42 Elanora Road, Kiama Heights changed hands for $4 million.
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The five-bedroom home sits on 727 square metres and overlooks Loves Bay.
The home features Tasmanian Oak flooring, cathedral ceilings, entertainment/rumpus room with a kitchenette, and a 10-metre in-ground saltwater pool.
CoreLogic records show the property previously sold in May 2021 for $3.25 million.
Therefore, over the course of three-and-a-half years, the seller has scored an annual gross profit of more than $200,000.
Selling agent, Laurie Johnston from McGrath Thirroul said the home was sold to a Sydney buyer, who was initially looking to utilise the home as an Airbnb-style rental, before relocating there in the future.
"It was the view, and the aspect," she said of the property's appeal.
"The house is 40-plus years old, so just that uninterrupted view of Loves Bay, that was the reason they bought it."
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Mrs Johnston said the sellers had done some minor work to the home, but nothing major.
The sellers had bought the property as an investment for Airbnb-style use only, without it being a full-time residence at all.
"That little pocket is definitely in demand," Mrs Johnston said of the location.
Other sales in the street have included 4 Elanora Road fetching $5 million in 2021; 30 Elanora Road selling for $3.98 million in May; and 52 Elanora Road selling for $3.85 million in 2022.
According to CoreLogic, currently the median sales price of houses in Kiama Heights is $1.7 million.
The property at 127 Attunga Avenue, Kiama Heights was recently sold for $2.26 million under the hammer.
The four-bedroom home sits on 594.4 square metres, with ocean and beach views from the north and south.
Selling agent, Jayden Bennett from Ray White Kiama said the home was sold to a Sydney buyer.
Mr Bennett said bidding kicked off about $2.05 million, with bidding working its way up to $2.2 million.
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Meanwhile, elsewhere in the region a 450 square metre block of residential land at Shell Cove has fetched $3 million.
Frasers Property project sales manager Bernie Humphreys said the harbourfront block on Snell Avenue was sold off-market to an Illawarra buyer, who would be building their dream home there.
"We release the lots a few at a time... Of the harbourfront lots, there's only 13 available," he said.
"They wanted that one in particular. We've had other harbourfront lots on the market for a while, they're not usually fast to sell.
"But that one technically wasn't even on the market, it was an off-market transaction."
