THE sale of a modern four-bedroom house at Adamstown has set a new suburb record.
The property at 20 King Street sold on Friday for a record-breaking $3.3 million.
The previous record for a residential property in the suburb was $2 million paid for the house next door (22 King Street) in June 2021.
The house was set to go to auction with a guide of $2.8 million to $3 million but sold a week earlier after the buyer placed an offer that the owner could not refuse.
"We had three interested parties and two that were in excess of $3 million," said listing agent George Rafty from First National Newcastle City.
"I had one offer of $3.15 million and then one offer of $3.3 million two days ago.
"The owners were happy to sell. It's a fantastic result."
Designed by Towndrow Architects and constructed in 2018, the property features high-end finishes throughout as well as an outdoor kitchen and a pool.
"It sold for that much because the house deserved that type of price," he said.
"It was two storeys of sheer luxury and it had everything a family could ever want for."
It is the second suburb record Mr Rafty has broken in a week following the sale of a renovated four-bedroom home at 104 Kemp Street in Hamilton South that sold for $4,050,000 last weekend.
Record-breaking sales keep coming despite Newcastle and Lake Macquarie being named among the fastest-declining property markets in regional Australia earlier this month.
CoreLogic revealed that house values in the region recorded falls of 6 per cent over the last three months while unit values experienced a drop of 1.9 per cent.
Mr Rafty said that although the volume of buyers has dropped, quality homes are still pulling in strong sale results.
"What it tells me about the market is that the right property is still attracting the right audience," he said.
"People are seeing value in a beautiful product where they don't have to go through the process of building from scratch.
"We have 20 to 30 per cent of the volume of buyers that we had last year but what I'm finding is that it might not be quantity with buyers, but it certainly is quality."
