An area of Bundeena which used to be a playground for youth groups will now be one for millionaire's.

While still months from completion the homes on the old Uniting Church grounds will be targeted to the millionaire's crowd. The full development will consist of fifteen homes but at present only four are being actively built. Prices are expected to be between 1 to 2 million dollars for each home.

In the last decade houses prices in Bundeena have doubled with some waterfront properties fetching over 2 million. One waterfront property in Bundeena is currently on the market with a 2.7 million asking price.

The development does have waterfront views though is not on the beach and the views may be obscured once the old corner store property is developed. Whether the new properties can fetch the million plus asking prices with rising interest rates along with a volatile share market remains to be seen.