NSW mid-north charm that’s fit for an ex-PM

Former prime minister Tony Abbott has been seduced by the charm of North Arm Cove, where you can still purchase an absolute waterfront property – albeit tidal – for as little as $1m.

This property at 42 Eastslope Way, North Arm Cove, sold for $1.87m – down from $2.35m last June.

Former prime minister Tony Abbott has fallen for the charms of the NSW mid-north coast, buying a 60-year-old tidal waterfront property near Port Stephens last week.

But agents say the area, North Arm Cove, which has a population of about 300 people, is becoming popular because you can still purchase an absolute waterfront, albeit tidal, property for as little as $1m – which is cheap by Sydney standards.

Despite not having a retail shop nor any other community services, North Arm Cove, just over two hours’ drive from Sydney has experienced a spectacular number of sales in recent times.

Tom Woods of River Realty, who was the marketing agent for Mr Abbott’s purchase, said this was the usual volume of turnover expected as summer turned to autumn and winter, adding that 80 per cent of buyers were Sydneysiders.

“A lot of people elect to sell their holiday house at the end of summer,” said Mr Woods, who has sold the bulk of properties in the area of late.

“North Arm Cove is comparatively more affordable than other Port Stephens properties (the highest price paid last year was $7.7m for a waterfront reserve property in Port Stephens), because you can get a tidal waterfront for $1m to $2m.”

The area is close to Newcastle, the Hunter wine region, and the tourist delights of not only Port Stephens but also Nelson Bay.

“North Arm Cove is one of the only areas in Port Stephens where you can have a jetty or a boat ramp on your property because you can own the private title to the mid high-tide mark. It surprises me how affordable the properties are,” Mr Woods said.

A Sydney buyer recently paid $1.73m for a double-storey brick tidal waterfront home fronting 16 Merriwa St, North Arm Cove, brokered by Mr Woods. It has five bedrooms and three bathrooms and the property, on a gently sloping 847 sqm block, has a double garage, but no jetty.

Mr Woods also sold 42 Eastslope Way, North Arm Cove, for $1.87m, which was a hefty discount on the $2.35m it sold for last June. It was recently purchased by a NSW Central Coast buyer who was after a holiday home. The waterfront property on 1347 sqm has three bedrooms and three bathrooms.

At nearby Carrington, a waterfront property fronting 19 Church St sold for $2.55m through Mr Woods. Set on 4090 sqm the property features six bedrooms and four bathrooms.

Agent John Rumble, of First National, recently sold a waterfront property at 10 Merriwa Boulevard, North Arm Cove, off market to a Sydneysider who plans to use it as a holiday home and then retire there.

Mr Rumble said buyers like the privacy of the area and, unlike other Port Stephens locations, the houses are absolute waterfronts – there are no roads separating properties from the water as is the case in other areas of the mid-north coast.

“I did not have much trouble selling the property,” Mr Rumble said. He would not reveal the price but CoreLogic records said the property previously sold for $390,000 in 2000.

Meanwhile, the property picked up by the former prime minister and wife Margie features a four-bedroom house with two bathrooms, and has a vacant block next door.

Built in 1960, the home is 20 minutes’ drive from Tea Gardens and Hawks Nest, a favourite holiday haunt of another former Liberal prime minister, John Howard.

Mr and Mrs Abbott were described as delightful to deal with by Mr Woods. He said the sale was yet to be settled, and he would not divulge the price, the address, nor the identity of the vendors.

Nevertheless, according to the agent’s online marketing, the block covers more than 1200 sqm and has potential for a dual occupancy conversion subject to council approval.

Mr Woods added that the Abbotts saw the property as a holiday and lifestyle property.

The vendor was Christine Bennett, who purchased the deep waterfront for $720,000 nearly two decades ago, according to a title deed, as well as publicly available records from CoreLogic.

Recent sales in the suburb include $1.73m for a five-bedroom and three-bathroom property on a tidal waterfront, which was also negotiated by Mr Woods.

He said North Arm Cove has an older demographic but it was changing as younger families moved in and there was a school bus servicing public and private schools in the Newcastle area.