The effects of the COVID-19 pandemic haven't deterred some cashed-up buyers looking to remain active in the NSW Illawarra region.
A 28.3-hectare land holding located in the West Dapto Urban Release Area sold for nearly $20 million earlier this month.
The site is located at 105 Darkes Road, Kembla Grange.
The site offers a residential subdivision opportunity for the development of about 140 residential lots, subject to council approval.
The selling agents were Travis Machan and Geoff Jones from MMJ Wollongong, who ran a national-based marketing campaign offering the property by auction.
It was being sold on behalf of a family who are a long-standing land holder in the area.
Mr Jones said they were "inundated with inquiry" during the four-week marketing campaign, with an array of local and interstate development groups interested.
Sixteen registered bidders competed for the property, with the final sale price being $19.6 million.
The winning bidder was from outside of the Illawarra and remains anonymous.
"This result is testament to the demand for subdivision land in the region, proving that interest in such land goes beyond the Illawarra," Mr Machan said.
"West Dapto is the fastest and largest growing residential development area outside of Sydney and we were not surprised in the interest.
"We have seen so much activity in the marketplace this year, especially over the past few months.
"The effects of COVID-19 only provided further opportunity for cashed-up buyers to remain active and strategically seek out opportunities."
MMJ auctioneer Daniel Hastings said the sale, "would have to be one of the highest-priced auction results in a long time for region".
The property has a zoning mix, including substantial R2 & R3 Residential areas.
Brendan Crabb
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
I'm a member of ACM's national property team, covering the Illawarra and South Coast. Based in Albion Park, NSW, I write about exciting, interesting or just downright quirky properties that have been listed for sale, major sales, market trends, auctions and more. One of my favourite aspects of being a journalist is I believe everyone has a story to tell. What's yours?
