Cyrus Street home fetches Hyams Beach record

Buyers are slowly getting back in to the holiday home market after it took a dive post GFC when no one wanted their own holiday home.

Discretionary spending was tight following the global financial crisis and people weren't spending money on holidays.

That was difficult for the many who relied on holiday rental income to keep the escape home.  

Last year it was tipped that the 2016 holiday market will be busy due to the extra wealth that homeowners in Sydney and Melbourne have acquired over the past two years through the housing boom.

A popular haunt for Sydney siders who don't head north for the summer is Hyams Beach, one of the south coasts biggest draw cards.

Offering direct beach access to Hyams Beach from its exclusive position, 94 Cyrus recently sold for a record $3.5 million.

The home was only completed in June and was built and fully landscaped by Tim Clout, one of the best builders in Jervis Bay.

It last traded for $1.7 million in 2014 as a vacant 880 sqm land parcel.

The home has four bedrooms, three bathrooms, a large front deck, covered walkways and a swimming pool.

Comparable homes in Hyams Beach would generate over $110,000 per annum, with a peak weekly rate of around $6,500, according to the marketing.

South Coast Properties agent Craig McIntosh sold the home after $3.5 million hopes.

Cyrus Street is the localities millionaire's row. The top 10 most expensive homes in the area have sold on the street.

94 Cyrus would set the price record that has barely been challenged since 2007 when Elandra, a seven bedroom home seven doors down sold for $3.44 million.

It was bought by former bankrupt Keddies partner Scott Roulstone and wife Kathryn.

Last year another Cyrus Street home fetched $2.86 million. 

This article was first published in The Weekend Australian.