A STRONG result in Tighes Hill has set a benchmark for the sale of a two-bedroom home in the suburb.
The renovated cottage at 10 Union Street overlooking Throsby Creek sold at auction for $1.5 million with Ray White Newcastle listing agent Brett Bailey.
The price places it as the most expensive two-bedroom home in Tighes Hill.
It smashed the previous record of $1.2 million paid for a two-bedder at 105 Henry Street sold in November last year.
Mr Bailey, who has sold homes in the Tighes Hill area for the past 30 years, said water-facing properties in the suburb were in demand.
"This sale is in keeping with the trend at the moment for Tighes Hill waterfront," Mr Bailey said.
"It follows on from the recent sale of 5 Francis Street for $1.55 million which was a bigger block and a slightly bigger house.
"There are approximately 60 homes which line the creek and the park that wrap around the point so there is a limited amount of properties of that type."
In October, there were only six homes advertised for sale in Tighes Hill, according to CoreLogic.
By comparison, there were 10 listings in October 2022 and the previous five-year average for this time of the year is 10.4 listings.
"Tighes Hill is still very tight in terms of listing numbers," the agent said.
"When I started the campaign I believe there was only one other property on the market in the suburb so it's not an area that has a lot of listings.
"It's tightly held."
The auction drew three registered bidders, all from the Newcastle area, who opened with a bid of $1.1 million.
The bidding climbed to $1.35 million before the property went on to sell under the hammer for $1.5 million.
"We established who the main buyer was and showed them the reserve and they were willing to get to that," he said.
"The people who purchased the home had been looking in the area for a while and were drawn to the location and the aspect."
CoreLogic records show the property was last sold in January 2020 for $870,000.
Mr Bailey said the waterfront location and close proximity to the popular dog park in nearby Islington Park made it popular with buyers.
The original 1920s cottage had been renovated and extended around 15 years ago.
Set on an elevated 514 square metres block, the home included two bathrooms, a study, an open-plan kitchen and dining room and a large living room that opened out to the deck overlooking Throsby Creek.
"It had a lot of enquiry," he said.
"We had a lot of younger families looking at the property but bearing in mind it was a two bedroom home and they would have needed to further extended it.
"Tighes Hill is popular with couples and, like a lot of those Throsby Creek suburbs, there is a lot of older people coming in and also young families who want to be close to the city."
The median house value in Tighes Hill is $937,000, according to CoreLogic.
"These suburbs like Tighes Hill are still comparatively inexpensive if you want to be close to the city," he said.
"They are no longer cheap but they're comparatively inexpensive compared with other suburbs."
The sale follows the recent auction of a two-bedroom home in North Lambton which also sold for a record price.
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