This house at 10 Hyde Lane is tipped to top $2 million when it goes to auction on August 30.

Coledale is located on a narrow, but increasingly valuable strip of land where million-dollar properties are now commonplace.

According to Australian Property Monitors, the coastal village had a median price of $690,000 in the past 12 months.

That median price is set to rise again with the listing of 10 Hyde Lane for the first time in more than 22 years.

The property last traded in 1986 for $230,000, but when it goes to auction on August 30, it is tipped to break through the $2 million barrier.

The four-bedroom, two-bathroom brick home has a 20m beach frontage and is located on a 809sqm double block.

Simon Beaufils of Ray White Helensburgh said the property was one of the best available in the area.

"It is definitely in a premium location," he said.

Mr Beaufils said Coledale, with a population of less than 1000, was a village coming into its own in terms of property.

Like most northern villages, Coledale's location on the coast between Sydney and Wollongong is a key selling point, but Mr Beaufils said what set Coledale apart was its proximity to the beach and and level access to the sand.

A Coledale record was set last year when a home in Northcote St sold for $2.6 million, breaking the previous record of $2.565 million for a house in Coledale Ave in 2006.

Coledale Ave has recently caught investors' attention, with five sales in the street topping the million-dollar mark since 2004.

The Illawarra Mercury will launch an exciting new real estate liftout tomorrow - Domain preview.

Domain preview will complement our Saturday real estate section, which is the first port of call for the Illawarra's homebuyers, vendors, investors and tenants.

The new section will feature an economic overview of the region's property market by the Illawarra Regional Information Service as well as an enhanced open for inspection listing.