RECORD SALE: Bidding war for beachfront apartment
A BEACHFRONT apartment has set a new record for a Northern Rivers village when it sold for $2.7 million last week.
The ground floor, four-bedroom, two-bathroom duplex property at 1/9 Rayner Lane, Lennox Head, which features stunning ocean views, was built in 2005.
LJ Hooker Lennox Head principal Kent Shay said the property attracted a great deal of attention and sold under the hammer at their final Red Carpet Auction on December 13.
Mr Shay said the sale was a record for an apartment, and showed the strength of the Lennox Head market.
"We had three active bidders on the night,” he said.
"The opening bid was $2.4 million, the property was officially on the market for $2.66 million and it sold for $2.7 million.”
Mr Shay said the buyer, who was not from the region, did not wish to be named.
He said the property's sensational location ensured an excellent response to the campaign.
"There is only so much absolute beachfront available and properties like this one are extremely rare,” he said.
Lennox Head snapshot
According to Core Logic, properties for sale in Lennox Head:
- Spend a median of 44 days on the market
- Have seen a change in median price over the past five years of 60.4 per cent
- Annual change in median price (10 years) is 4.7 per cent
- Currently the town's median asking rent is $640 per week.