Property watch: 7 Banksia Avenue at Dudley sells for $1.2 million in record for non-acreage.

A block of land at Dudley with stunning ocean views is believed to have blitzed the suburb record after selling for $1.2 million. 

The 904-square-metre parcel at 7 Banksia Avenue overlooks a gully, with views all the way up the coast to Nobbys. 

It had been due to go to auction last weekend, with a price guide of between $1 and $1.1 million. 

Around four buyers were jockeying for the land in the lead up to auction day, but when the owners were made an offer of $1.2 million mid-week, it was too good to refuse. They had forked out just $84,000 for the land three decades ago. 

Agent Andrew McKiernan of First National Newcastle City said the sale undoubtedly set a new price record for non-acreage land in the suburb. The nearest point of comparison he was aware of was a 746-square-metre block on Knoll Avenue that sold for $625,500 last year. 

“There’s certainly not too many blocks with that view left, so there was a fair bit of competition,” he said. 

“I’ve known these owners since 1986 and their plan was always to build on the land but they ended up buying a substantial property at Speers Point … now they’ve retired they’ve decided to sell.” 

The buyer was a local man who intends to build a family home on the block.

Mr McKiernan said the new home would be worth at least $2 million once constructed.

VELARE TAKES OFF

Construction is set to begin on a boutique townhouse development in Elermore Vale, backed by former Knights skipper Paul ‘The Chief’ Harragon. 

Velare will see 28 new two- and three-bedroom townhouses built in a cul-de-sac off 158a Croudace Road. 

Construction of the homes, featuring private gardens and high class finishes, is expected to be complete by mid-2018. Agent Mark Kentwell of PRDnationwide said Elermore Vale was a suburb coming into its own. 

“People are realising how central Elermore Vale is and that it already has established services and amenities,” he said. 

This is the first local development by Treelight Development Group. One of the project partners is Boss Private Capital, headed up by Harragon. 

ANNA BAY LAUNCH

Ingenia has turned the first sod on its new lifestyle community at Anna Bay. 

Set on 29.2 hectares, the project will deliver 229 new homes and a $5 million clubhouse for over-55s. 

Chief executive Simon Owen said each buyer would be able to lease an architecturally-designed, manufactured home. 

”This eliminates the requirement to pay stamp duty, ensuring a much more affordable entry price point.” 

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