Gerry Harvey has set a new real-estate record in Narooma.
Mr Harvey, chairman of Harvey Norman, purchased Black Bream Point located on Wagonga Inlet at Narooma for an undisclosed price on February 4, 2022.
Selling agent David Nolan said the purchase is the highest priced sale ever in Narooma and the surrounding district.
The indicated pre-sale price range was between $9 and $11 million.
Black Bream Point is almost 40 acres with 1.2 kilometres of water frontage and includes eight cottages, an owners residence and a private jetty and boat ramp.
Mr Nolan said the property attracted more than 700 enquiries during the selling period. Interested buyers came from all parts of Australia and overseas.
The high price, according to Mr Nolan, demonstrates the value of these quality assets and how limited the opportunities are for investors to buy them.
"They're not on the market very often," Mr Nolan said.
"It's a limited space, and there is lots of demand."
Matt Davey owned and operated Black Bream Point Holiday Cabins for the past 21 years.
Mr Harvey said he intends to continue to operate the property in it's current capacity as a holiday location.
A weekend in a two bedroom luxury cottage at Black Bream Point currently costs $760.
Black Bream Point was sold through Webster Nolan Real Estate, based out of Surry Hills, Sydney. The company specialises in rural property sales and were also responsible for selling Paradise Point in Narooma, Pretty View in Tuross Head, The Big Cheese in Bodalla and Sunninghill in Berry.
Mr Nolan also sold Narooma's Glasshouse Rocks estate to Justin Hemmes in 2015, kickstarting Hemmes' investment in the area.
Mr Nolan thinks property prices in Narooma will remain strong.
"(Narooma) is quickly being discovered now by people coming out of Sydney, regional NSW and Victoria," Mr Nolan said.
"People are loving it for the beauty. It's still a coastal village.
"It's 4.5 hours from Sydney, so it stops a lot of day traffic."