A Thirroul property featuring a large block and considerable development opportunities has sold after reportedly being held by the same family for multiple generations.
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Meanwhile, another Thirroul home, for sale for the first time in more than 40 years, has found a buyer after a number of months on the market.
The home at 56 Redman Avenue, Thirroul sold for $2,850,000 last week.
The home, being sold as a deceased estate, was previously passed in at auction in April.
This site features two original cottages and a number of old outbuildings on a level block.
It features 2694 square metres of land zoned R2 Low Density Residential. The main dwelling features two bedrooms and a sunroom.
Selling agent, Vanessa Denison-Pender from McGrath Thirroul said the property had been tightly-held by the same family over three generations.
She said the property sold to two local families, who planned to build a home each on the site.
Featuring an approximate street frontage of 18.3 metres, the block was being marketed as lending itself to a range of potential development opportunities including townhouses, duplex construction and subdivision (subject to council approval).
The original homes are in basic condition and without heritage orders.
Meanwhile, the home at 4 The Esplanade, Thirroul sold last week.
Selling agent, Troy Johnson from Ray White Woonona said he couldn't disclose the sale price.
However, CoreLogic records show it sold for $3,300,000.
The home was passed in at auction at $3 million last October, and had remained on the market since.
Mr Johnson said the home sold to an Illawarra-based buyer, who planned to undertake extensive renovations on the property.
The three-bedroom cottage sits on 696 square metres, is located close to Thirroul Beach and features a fireplace and mantle, renovated bathroom and large covered entertainment area.
Mr Johnson said the home was for sale for the first time in more than 40 years, and was in a prominent location close to the beach and CBD.
He said there was also development potential for the site, with the opportunity to build an additional dwelling (subject to council approval).
Currently the median sales price of houses in Thirroul is $1,867,500.
The median sales price in the suburb reached its peak in May 2022 at $2,025,000.
Mr Johnson said there seemed to be more buyer activity in the Thirroul/Woonona/Bulli area recently, where he could "see the market moving along".
"I think they're getting a little bit of urgency, as they've realised that we're pretty much at the bottom and the market's starting to move up," he said.
"So now there's a little more urgency to say, 'hurry up and jump in'. There seems to be a little more confidence in the market.
"There's talk of more interest rate rises coming, but I think they're factoring that in... It's buy now and cop an interest rate rise, or you can wait until Christmas and pay another $100,000 more for your house. And you're still going to cop a rate rise, or keep paying high rents."
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