A recent auction in Wollongong's northern suburbs has delivered a rare find in the 2515 postcode: a house sold for under $1 million. The three-bedroom home at 52 Buttenshaw Drive, Coledale, fetched $940,000 under the hammer, $10,000 below the original reserve.
However, the property comes with significant caveats. The home is in original condition and requires substantial renovation. Most notably, it has no sewer connection, though installing one would cost approximately $10,000.
Property Details
Situated on a 656-square-metre block in the escarpment foothills, the site offers potential for an executive residence or redevelopment, subject to council approval. According to Cotality, the median house value in Coledale currently stands at $2,312,582. Records show the property last sold in 2001 for $200,000.
The existing cottage features three bedrooms and is in original condition throughout. Its location provides proximity to Coledale's cafes, primary school, RSL Club, main beach, and rock pool, with dog-friendly Sharky Beach a short distance further south.
Auction Highlights
Cristian Cignarella from The Agency Illawarra reported that three bidders registered for the auction. The opening bid was $800,000, and the bidding process was drawn out before concluding at $940,000.
The successful buyers are from Jannali and plan to renovate the home and move in. The property was marketed as an outstanding family opportunity to build a luxury new residence or explore dual-occupancy potential, subject to council approval.
This sale underscores the rarity of sub-$1 million homes in Coledale, where the median price exceeds $2.3 million. The home's need for TLC and lack of sewer connection were key factors in its below-median price.
