Lake Illawarra Unit Block Fetches $3.25 Million in Pre-Auction Sale
A block of units in the southern Illawarra region has changed hands for the first time in several decades, selling for an impressive $3.25 million before it could even go to auction. The property, located at 63 Pur Pur Avenue in Lake Illawarra, was purchased by a buyer from Sydney who intends to renovate the units and then re-let them for rental income.
The six fully strata-titled two-bedroom units sit on a spacious 1038 square metre block, offering significant potential for redevelopment and value enhancement. According to selling agent Ben Spiteri from MMJ North, the long-time owners, who built the complex in the 1970s, decided to sell as they reached retirement age. "The opportunity to secure six flats in a good location with potential upside was key to its appeal," Mr Spiteri noted.
Property Features and Rental Returns
The Lake Illawarra unit complex includes five carports and one lock-up garage, providing ample parking for residents. Its prime location within walking distance to Reddall Reserve and the foreshore of Lake Illawarra adds to its desirability. Currently, the property generates a solid rental return of $109,720 per year, making it an attractive investment for the new owner looking to maximize returns through renovations.
Other Notable Illawarra Property Sales
In addition to the Lake Illawarra sale, two other properties in the region have recently changed hands for substantial sums, highlighting the ongoing strength of the local real estate market.
- 9 Deakin Street, Oak Flats: This three-bedroom home sold for $1.1 million via auction, with only one registered bidder participating. Selling agent Rome McGrath from Ray White Shellharbour City described the sale as a "private negotiation under auction conditions." The property features a 4.7kW solar system, multiple air conditioning units, and an undercover outdoor entertaining area. The buyer, also from Sydney, was drawn to the block size and renovation potential, including a popular four-car garage.
- 4 Yuruga Avenue, West Wollongong: This four-bedroom home on an 803 square metre block sold at auction for $1.22 million. Despite two registered bidders, only one placed bids, leading to a vendor's bid and subsequent negotiation. Selling agent Jordan Andonovski from The Agency Illawarra highlighted the property's flexible dual-level layout with a rumpus room and second bathroom downstairs, but noted that the steeper block access deterred some families.
These sales underscore the continued interest from buyers, particularly those from Sydney, in the Illawarra property market, driven by factors such as location, renovation opportunities, and investment potential.
