Million-dollar mark smashed in Iluka
WHEN it comes to waterfront properties, the water doesn't get much closer than it does at 44 Queens Lane in Iluka.
With the blue waters of the bay just metres from the back door, it was little wonder that a large group of interested buyers fought over the property when it went to auction on Saturday.
With 14 registered bidders, the bidding was competitive to the end, selling over the magic million mark at $1.255m.
LJ Hooker Iluka owner Christina Nipperess said the campaign was outstanding right up to the day.
"The property just present gorgeously, the water was sparkling, the sun was shining," she said.
"It is one of the few blocks on the street that doesn't have the Crown Land before the water...so you own right down the bay.
"It's one of the original homes that has their own net shed... and with the direct frontage and view it's something special."
With 10 of the 14 bidders from out of area, the bids started at $700,000 and continued for 15 minutes where three bidders competing until the winning bid of $1.255m, $305,000 over the $950,000 reserve.
Ms Nipperess said it was an emotional day for the long-term owners who had a real connection to the property.
"Their grandparents used to live next door, and they saw this house being built," she said.
"It was a great result for them, but the icing on the cake was they felt it changed hands to a similar family who would cherish it as much as they did, and that was important to them.
"The new owners have said they will use the property to visit, and eventually live in."
Ms Nipperess said the interest and finishing price was again proof of the interest in the quieter coastal markets, and the security of it as a long-term investment.
"As time goes by we may look back on it and say that it ended being great value," she said.
"The million dollar mark has well and truly been shattered, but the new owners have complete confidence that they cannot lose on the property."