A Rare Opportunity on the East Side of Bulli
A unique property located on the east side of Bulli has recently been sold at auction, marking a significant event in the local real estate market. The three-bedroom home at 4 Somerville Street, Bulli, was sold for $2.5 million. This property is situated on an impressive 761 square metre elevated block, just 400 metres away from the water’s edge at Sandon Point or McCauley’s Beach. According to the property’s marketing, it is an original clad cottage that is ready for redevelopment and represents a rare find in a highly sought-after location.
The selling agent, Andrew Hedley from One Agency Kane Downie, noted that there were four registered bidders for the auction, with two actively participating. Bidding started at $2.2 million, and both active bidders were from Sydney. Mr Hedley mentioned that the successful buyer plans to “tidy it up and rent it out, and eventually build their dream home.”
Mr Hedley explained that after about 10 bids, the result met the reserve price. He highlighted the property’s easterly position, which offers easy access to the beach and coffee shops. The block is relatively level and has potential for building up. However, he pointed out that the property is currently in basic condition, so the buyer intends to carry out some renovations.
According to Cotality’s preliminary figures for the week ending March 29, the clearance rate in the Illawarra region was 53.3 per cent across 15 auctions. In addition to the Bulli property, another house on a large block in the southern Illawarra also went under the hammer. The home at 25 Dunmore Road, Dunmore, was sold for $1.245 million. This three-bedroom property sits on 1,303 square metres and offers a solid foundation for comfortable living today while leaving room for future improvements.
The backyard provides options for outdoor entertaining, gardens, additional sheds, or future developments (subject to council approval). Selling agent Adam McGrath from Ray White Shellharbour City mentioned that the nearly 100-year-old home is located near where the hospital is being built. Bidding began at $1.2 million, and the auction featured two bidders who placed nearly 10 bids between them.
Mr McGrath said the successful buyer was a local family who are considering their options regarding future plans for the home. He emphasized that they loved the location and the size of the block of land, which is a huge block. The family is looking to make the most of the property’s potential while enjoying its current comforts.
Overall, these recent sales highlight the ongoing interest in properties on the east side of Bulli and the southern Illawarra region. With the right investment and planning, these homes can offer significant value and opportunities for growth. Whether it’s for immediate enjoyment or long-term development, these properties represent a unique chance to be part of a desirable community.
