MINNAMURRA has set a new property sale record, giving vendors and agents some hope the top end of the market is recovering.
A Carson Place property sold at auction for $1,472,000 after a fierce bidding battle between two main buyers on October 6.
Listing agent Robert Moore said it was the suburb's highest sale on record for a property separated from the waterfront by a reserve - meaning it cannot be built out.
Only absolute waterfront properties have sold for more.
"It's the highest sale we've had in five or six years in quite a challenging market," he said.
"To have a blue chip property on the market for five weeks and sold at auction is a positive sign."
Mr Moore said the property sold well above the reserve to a local buyer and said it was the home's strong foundation and views from every room that set it apart.
He said the market could not be judged by one sale, but hoped it had reached the plateau point.
"There's a sign there's some confidence out there," he said.
Illawarra Real Estate Institute chair Charles Hegyi said the top end of the market had suffered because buyers lost income in the global financial crisis. However, several properties around the Illawarra were starting to break the million-dollar barrier again.
"It shows buyers are confident to spend that sort of money again," he said. "Until now, properties been selling for less or sitting on the market for a considerable amount of time."
He said there had been no spikes in capital growth across the Illawarra property market generally.