After a dry January on the sales front, the Palm Beach property market has launched into 2019 with a resounding thump in February — including a sale for more than $10 million.
The 600sqm waterfront property is on the Pittwater side in prized Iluka Rd and has been held by the same owners for decades.
SIGN UP HERE FOR THE NSW REAL ESTATE NEWSLETTER
The property came onto the market just before Christmas, with a guide believed to be around $10m. It is understood the property sold for more than the guide.
David Edwards, of LJ Hooker Palm Beach negotiated the sale, but did not want to comment on the sale, or the identify the buyer.
The sale is one of a handful that kickstarted the Palm Beach market for the year in February. The cheapest was 1 Currawong Ave, Palm Beach, which sold on February 25, for $2.1 million, through Steven Crooks, of Pacific First National Real Estate.
MORE: Hopelessly devoted to Olivia
Ready set, downsize on the water
There was another sale in Iluka Rd. According to CoreLogic, 3B Iluka Rd, a five-bedroom home, sold on February 22, also through Mr Edwards.
The sale price has not been revealed, however the last reported guide was $3.8 million-$3.95 million.
The Palm Beach property market is so far holding its head high above the water, defying the Sydneywide trend of house price drops.
While many northern beaches suburbs, including Manly and Freshwater, are starting to see negative growth on 12-month figures, Palm Beach is holding firm.
CoreLogic reports Palm Beach’s median house price is currently sitting at $3.275 million, which represents a 12-month growth of 13 per cent to November, 2018.