Portside Cres, Port Macquarie: $1.55M block soars $900,000 in 12 months

A 696 sqm block of land overlooking the Port Macquarie canals has set a new record for residential-zone land, selling for $900,000 more than it was worth this time last year.

A waterfront block of land perched on the edge of the Port Macquarie canals has set a new record selling for $1.55 million.

The standard residential-zoned block at Portside Crescent, near Settlement Point, was listed and sold by Nationwide Property Brokers in August for $900,000 more than it was worth this time last year.

The 696sq m site offers a waterfront lifestyle in a ‘relaxed, easy living area’ which NPB CEO Paul Loughland said was one of the few remaining waterfront opportunities still available in town.

The record land sale at 22 Portside Crescent, Port Macquarie. Pic Supplied

“I think people will look back at that sale in future years and say, ‘wow, what great value that was’,” Mr Loughland said.

“If we’d have sat down two years ago and said ‘look, that’s going to be worth $1.5 million’ well you would have said ‘get out of here.’

“But in two years time we’ll look back and say ‘hmm, of course it went for $1.5 million’.”

“The analysis has told us that this market here has been way under valued … what we found is a willing buyer and a willing seller for a great location and when you put those two things together with an increased demand for lifestyle properties, it’s a great recipe for success for the vendor and buyer.”

The 696 sqm block sold for $350,000 over the estimated price of the plot size.

The sale tops the previous record for a residential block at 78 Commodore Cres, Port Macquarie. Pic Supplied

With a south-facing view of the Hastings River, the land features a private jetty with deep water access to moor a boat.

The sale tops the previous record for a residential block at 78 Commodore Cres, Port Macquarie, which was bought in August 2020 for $1.18 million.

Mr Loughland said this was an ‘investment opportunity not to be missed.’

“Guaranteeing a lifetime investment to design a riverfront home within walking distance to the Settlement City Shopping Centre, public transport, and the CBD of Port Macquarie.

“Not that any sale is easy, this was a smooth process,” he said.

“Like I said in five or 10 years time we’ll be looking back and saying ‘wow that was a great price’.”

Paul Loughland, CEO Nationwide Property Brokers. Pic Supplied

He said as Sydney has become prohibitively expensive, places like Port Macquarie are becoming more desirable as jobs grow and infrastructure expands.

“It is making us a hotspot on the radar for savvy buyers and investors,” he said.“ Sydney is one of the most expensive cities in the world, with median prices climbing out of most buyers‘ reach.”

In May this year, an unlivable one-bedroom home, destroyed by squatters and situated on a 127 sqm block of land in Sydney’s inner west suburb of Camperdown, sold for $1.62m.

“Affordability and lifestyle factors are making coastal towns like Port Macquarie more attractive to sea changers and investors than ever before,” Mr Loughland said.

Originally published as Portside Cres, Port Macquarie: $1.55M block soars $900,000 in 12 months