A one-bedroom unit in the coastal town of Bermagui has sold for just $275,000, providing an affordable entry point into the South Coast property market. The sale price was significantly below the median unit value for the town, which currently stands at $656,660 according to Cotality data.
Property details and location
Located at 11/120-122 Lamont Street, the second-floor apartment is situated close to the Bermagui River, approximately 100 metres from the boat ramp and within walking distance to local beaches. The property was marketed as a permanent rental and sold after 47 days on the market. It had most recently been listed for rent at $320 per week, and the new owners have since listed it at $330 per week.
Cotality records show the unit was previously sold in August 2021 for $160,000, indicating a significant increase in value over the past five years.
Agent's perspective
Selling agent Sandra Benny from Forbes Stynes Real Estate described the property as "like an old fishing house" and a "good buy" at entry-level pricing. "They don't come up very often at that price, so the buyer jumped on it pretty quickly," she said. The successful buyer is based in Canberra and plans to use the unit as an investment, with potential renovations in mind.
According to Cotality, the median house value in Bermagui is $933,668, with recent unit sales recorded at $472,000, $450,000, and $650,000. The suburb has also seen high-end transactions, such as the home at 13 Jones Lane, which sold for $2.95 million in January to an out-of-area buyer.
Market trends in Bermagui
Mrs Benny noted that Bermagui is currently experiencing strong demand from local buyers looking to downsize, as well as increasing interest from Sydney-siders. "There's been a real push with a lot of Sydney-siders coming here too. Sydney is just discovering us," she said. The market under $1 million is particularly active, driven by price-conscious buyers.
"We have a lot of fishing clientele that come here and fish, with the marina in Bermagui. So we pull a lot of the fishing crowd; buyers who are coming from out west and are selling up their farms. Many of them have holidayed here before and are coming here to retire," she added.
The sale highlights the affordability gap in the region, with the $275,000 unit offering a rare opportunity for budget-conscious buyers in a market where median prices are significantly higher.
