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Wollongong properties fetch $10m in one night

Six two-bedroom units sold for $2.23 million.A block of six flats at 17 Smith Street, Wollongong, has sold under the hammer for $2.23 million to mum and dad investors.
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The apartments, at the harbour end of Smith Street, were bought by a family keen to add to their investment portfolio in the Illawarra.

Sales agent Travis Machan, of MMJ Real Estate Wollongong, said the result showed the high level of buyer confidence in the property market.

“Twelve months ago, it would have been a different turnout,” he said.

“In the past six months, especially, there has been a real push for this style of property and people are buying assets.

“This is a family purchase, it’s not like a large company coming in to buy. This is a significant sign of how mums and dads are feeling comfortable in the marketplace with this style of investment.

“People feel confident at the moment and when we talk about lifestyle in Wollongong, this is in a lifestyle location.”

The six two-bedroom apartments were sold at an MMJ auction held at Wollongong Golf Club on Wednesday night.

Mr Machan said the apartments were sold as one package, which was rare in the beachside precinct.

More than 100 groups inspected the property during a four-week sales campaign, which was co-listed with MMJ sales agent David Geary.

The property was built by an Illawarra family 33 years ago and had remained in the same hands during that time.

Prime council land soldThe sale of two prominent Wollongong City Council-owned land parcels has netted the organisation more than $7.7million.

Industrial land at Russell Vale, which has been a council depot until now, was sold under the hammer for $4.6million on Wednesday night, at a Wollongong auction.

A large parcel of vacant land in Corrimal’s Underwood Street went for $3.17million, at the same auction held at Wollongong Golf Club.

Tim Jones, MMJ Real Estate Wollongong director of commercial sales, said both land holdings were sold to buyers from outside the region who planned to develop the properties as owner occupiers.

Mr Jones said the sale price of the Russell Vale land, a 3.742-hectare industrial allotment bordered by Watts Lane and Bellambi Lane, had exceeded expectations.

‘‘The market had indicated that the sale might be closer to the low $4millions but to get up in the mid $4millions was a very pleasing result,’’ said Mr Jones, whose agency won a recent contract to provide council’s real estate services.

‘‘It’s a very large single holding of land and you don’t get those substantial industrial land parcels in the northern suburbs any more,’’ he said.

‘‘Even in the southern suburbs around Unanderra and Port Kembla that size of land is not very easy to find.’’

Mr Jones said the Russell Vale allotment had a two-street frontage, with more than 200 metres frontage to Bellambi Lane.

It featured convenient access to Memorial Drive and was close to the South Coast railway line.

Zoned IN2 light industrial, its permissible uses with council consent include places of public worship, neighbourhood shops, light industries, industrial retail outlets, community facilities, self storage units, service stations, takeaway food and drink premises, vehicle sales or hire premises, veterinary hospitals, warehouse or distribution centres.

Mr Jones said he was unable to comment on future plans for the land due to the confidentiality clauses of the sale.

He added that MMJ had fielded numerous inquiries from potential buyers as soon as the land sale was publicly listed.

‘‘Vacant land is not the easiest thing to sell from a commercial agent’s point of view,’’ he said.

‘‘Non-income producing property is difficult to sell as a whole.

‘‘However there are exceptions to that and those exceptions are properties that have a prime location and that’s what Russell Vale had. It had location.’’

Mr Jones said the Underwood Street land consisted of 11 separate titles with a total size of 5254 square metres.

In recent years it has been used as a free council car park servicing Corrimal’s retail strip.

Mr Jones said he was unable to reveal the buyer’s intentions except that the land’s future use could have ‘‘a medical slant to it’’.

‘‘It was a very good marketing campaign and the market was thoroughly tested,’’ he said.

‘‘We felt the end price was a very good reflection of the property’s market value.’’

This story Administrator ready to work first appeared on Nanjing Night Net.

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