TWO properties in Coal Point have delivered big results and substantial gains for the sellers.
A four-bedroom, four-bathroom home with direct waterfront access achieved one of the biggest residential sale prices in the suburb last week.
Set on 1400 square metres at 143 Coal Point Road, the dual level home sold for $3.3 million with Craig Avery at Avery Property Professionals.
The property included a swimming pool overlooking the lake, a boatshed, a slipway and a private jetty.
It earned the seller a significant gain of $1.1 million, with CoreLogic records showing the property was last sold in January 2020 for $2.2 million.
"That one was really good gain because it only sold for $2.2 million four years ago," Mr Avery said.
"Timing is everything in this game and they timed it to a tee. It was nice capital gain in a short period of time that's for sure.
"I can't see it being too much longer until these properties are worth $5 million and continuing to grow."
The lakefront home drew strong interest with 121 enquiries on the property.
"I had mostly local interest on that from buyers in the Lake Macquarie area and a little bit from Sydney but it was a local who bought the property," he said.
"It will be their family home."
The sale price placed it as the fifth most expensive residential property in the suburb.
In October 2021, a buyer paid a whopping for $5.7 million for a house on 1229 square metres at 279 Coal Point Road.
The suburb's growing number of million-dollar homes is extensive, with 14 homes selling for $3 million and above since 2021.
It was one of two recent multi-million dollar sales in Coal Point.
A five-bedroom waterfront home on 2084 square metres at 17 Coal Point Road sold prior to auction for $2.925 million, which was just over double the price the seller paid for the property five years ago.
CoreLogic records show the property was last sold in July 2018 for $1.43 million.
The property received 85 enquiries throughout the campaign which was led by Sarah Bennett and Anthony Di Nardo at Belle Property.
Ms Bennett said the home was snapped up by an out-of-area buyer.
"We launched the property to market on Christmas Eve but we didn't start showing it until the second week of January, so it sold quickly prior to auction from the second inspection," Ms Bennett said.
"It was a 50/50 mix of out-of-area buyers and locals looking at it."
The home had 180-degree views across Catalina Bay and towards Rathmines from the balcony, and access to the lake via stairs.
The sale included DA approved plans for a master suite level, a pool cabana and an infinity pool.
Ms Bennett said a shortage of waterfront stock in the Lake Macquarie market had kept prices strong.
"There's not a whole lot of waterfront homes on the market and what's what is keeping prices up," she said.
"This buyer had been looking for a quite a while and there is quite a broad net for waterfronts because they can differ so much in price.
"You can find waterfront in Coal Point around the early $2 million mark depending on your access and then you have the suburb record of $5.7 million, so there is quite a large gap in terms of that waterfront market.
"There are still plenty of buyers up there in that $3 million range."
The significant gains for both sellers followed a 3.8 per cent increase in the median house value in Coal Point in the past 12 months.
House values in the Lake Macquarie have increased 41.7 per cent over the past five years, according to CoreLogic.
The median house value in Coal Point is $994,000.
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