Another staggering property record was set last week in Gerroa as a three bedroom home, which previously sold for $1.1million in July 2010, went off-market to Sydney buyers for $7.1 million.

“I originally listed the property for sale in March last year, just as the COVID pandemic was escalating, with an asking price of $2.9 million,” says sales agent Ryan Stalgis from First National Coast and Country.

“However the vendors then decided not to sell so that they could continue living there through the pandemic.

“Last week I secured a buyer at $7.1 million.

“The vendors are obviously thrilled with the result, and the purchasers, who had been looking for a very particular position in Gerroa, are excited to have secured a property in this coveted location.”

The sale of 138 Headland Drive is a new record for Gerroa. It is almost $2 million above the previous record set in June this year ($5.26 million for 160 Headland Drive).

The north-easterly waterfront reserve position of the home at 138 was its greatest asset.

Another property, just doors along from this one at 148 Headland Drive, sold in September for $4.545m – it was a one bedroom weatherboard home built in 1950.

“This is the strongest I have ever seen the property market, and Gerroa in particular,” says Mr Stalgis.

Although the recent lockdowns have reduced the amount of physical inspections being conducted, he says there is still a very high level of demand from buyers.

“One property I sold this month had over 1,300 enquiries. We’ve been conducting video inspections for buyers who can’t travel, and I’ve had several sales recently where the purchaser bought the property sight unseen.”