A PROPERTY in the Camden Haven has sold for more than $5 million in what is believed to be a record for the area.
The 15.3 hectare subdivision site on Ocean Drive near Kew was snapped up by an unnamed Sydney developing group on October 19 with price tag in excess of $5 million.
Greg Bates and Stewart O'Brien managed the sale with Elders Lifestyle Group Camden Haven.
Mr Bates said the property was sold for a record price, substantially higher than the previous record of $5 million, in part due to its development approval for a 127 residential-lot subdivision.
"The property commanded a lot of interest because it was development approved. It was originally a nursery that had been with a family for 46 years," he said.
"The family had spent years getting it approved through council and we had quite a few interested parties over the last four weeks. The purchasers were a larger entity from out of the area in Sydney.
"It was a unique selling strategy for us because it was done online and the people that bought it hadn't viewed it. It was more important to know what the yield will be, what they can do with the site whereas the existing properties weren't of worth to them."
Elders Lifestyle Group has sold 470 properties so far this year.
Mr Bates said he has been operating here for 25 years and this is the best market he has seen due to a shortage of supply of all types of property and an influx of buyer demand.
"I would recommend people out there looking for property need to align themselves with an agent they trust and stay in contact to have the first chance at a desired property," Mr Bates said.
"Most of the property isn't even making it to real estate websites at the moment because of that buyer demand.
"There are a lot of people coming into the property market and I don't see that changing. I think we have a couple more years of good growth, money is cheap to borrow and I think there will be more demand from people moving out of the capital cities.
"I think Bonny Hills, Lake Cathie and the area of Kew around Ocean Drive have a lot of upside of development."
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