NSW real estate: Waterfront spot at Oak Flats changes hands for under $1m

A Sydney-based buyer has scored a “genuine waterfront” property at Oak Flats for under $1 million.

However, a knockdown-rebuild appears the most likely option for the new owner, given the home’s rundown state.

The home, located at 9 Bridge Avenue, Oak Flats sits on a 760 square metre block in a prime position.

The home sold under the hammer for $920,000 on Saturday.

Selling agent, Michael Moate from R&W Figtree said the home sold to a Sydney-based buyer.

There were four registered bidders and three active bidders. Bidding kicked off at $850,000, with half a dozen bids placed in total.

“The people that were there were genuine about buying... It went pretty quickly, done and dusted within a few minutes,” Mr Moate said.

Mr Moate said the home had been in its current ownership for more than 30 years, and had been a long-time rental in the past.

Mr Moate said he expected the new owners would undertake a knockdown-rebuild of the “genuine waterfront” home.

“He just wants to be near the water,” Mr Moate said of the new owner.

“He’s been trying to find a place near the water down that way for the past 18 months, but hadn’t had much luck.

“The house wasn’t worth a great deal of money, and it’s full of asbestos. But it was the location, the land, and being in a tightly-held street that appealed to buyers.

“They could see the value in buying it for under $1 million and building a nice house on there.”

The home features a galley kitchen, formal dining external laundry and an undercover living area. It was recently rented for $485 per week.

Mr Moate recently told the Mercury the home was being sold due to a change in family circumstances.

“It’s really two bedrooms, there’s a third room that’s a sunroom,” Mr Moate said. “It’s pretty old.

“There was a new roof put on five to ten years ago and new carpets, but not much else work has been done.

“It’s a good-sized block of land backing onto the lake. It’s a prime location, in a really quiet spot with no through traffic.”

CoreLogic records show the street’s residential price record is $1,185,000, set in 2021.

According to CoreLogic, currently, the median sales price of houses in Oak Flats is $852,500.

Meanwhile, last month, about a kilometre’s drive away, multiple bidders fought it out for another waterfront home at Oak Flats that boasts its own jacuzzi at the lake’s edge.

The four-bedroom home at 55 Horsley Road, Oak Flats sold for $2,177,000 under the hammer.

Sitting on 607 square metres, the home’s features include a lakefront spa jacuzzi; walk-in pantry; wine cellar; lake views; and a multi-purpose shed, currently outfitted as a pottery studio.

Selling agent, Alex Cockcroft from Ray White Shellharbour City said the home is 12 years old, and “very much move in-ready”.