Auctions activity across Newcastle and Lake Macquarie ramped up last week, with 29 homes auctioned across the region, up from eight the week prior.
Last week's clearance rate of 72.4 per cent was significantly higher than the average rate recorded over December (55 per cent).
A total of 29 auctions were held across Newcastle and Lake Macquarie in the week ending February 5 of which 21 sold.
However, given this market's smaller size, CoreLogic economist Kaytlin Ezzy said clearance rates are generally "more volatile".
The figure is almost on par with the number of auctions held this time last year when 33 auctions were recorded in Lake Macquarie and Newcastle of which 71 per cent were successful.
McGrath's Tammy Hawkins' auction of 36 Norfolk Avenue, Islington is one of 11 auctions set for Newcastle and Lake Macquarie this weekend, and it's the first three-week auction campaign she has run in more than 12 months.
She said buyer demand was strong given a lack of stock on the market.
She had around 80 groups view the property during the first two weeks of the campaign with interest coming in from local and Sydney-based buyers.
"This is first three-week campaign I have done in over 12 months," Ms Hawkins said.
"Obviously it was really busy when the market was flying in 2020 and 2021, so I was running most of the auctions as three-week campaigns but this is the first I have done in a while and that is purely because there are a lot of people around and they want to buy straight away."
The auction will be on-site at 11.15am on Saturday with a guide of $1.1 million.
The 2,331 square metre block comprises three lots that will be sold in one line or individually, with the biggest block inclusive of a house that was once owned by the Merewether family.
The auction could fetch in the vicinity of $10 million.
"It will possibly be four auctions because the first thing that happens is the whole site will be offered, so all in one line," said selling agent Joe Olsen from First National Real Estate Newcastle.
"If that doesn't sell then we will auction off each of the four lots separately so that's four auctions in total.
"That gives someone the opportunity to buy it in one line but if it doesn't reach reserve or doesn't sell, we will sell it all separately."
Mr Olsen said the majority of interested buyers were locals looking to build a family home.
"It's only four blocks from the beach and it's a site that is almost ready to be built on so it suits a lot of people," he said.
Other properties set to go to auction in Newcastle and Lake Macquarie this weekend include:
- 4 Raymond Street, Speers Point - Saturday 9am (Price guide on request)
- 4 Wilton Street, Merewether - Saturday 9.45am ($1.65 million to $1.8 million)
- 76 Seaham Street, Holmesville - Saturday 11.30am (Price guide on request)
- 17 Pandorea Way, Valentine - Saturday 12pm (Price guide on request)
- 155 Dunbar Street, Stockton - Saturday 12pm (Guide $750,000)
- 133 Glad Gunson Drive Eleebana - Saturday 1pm (Guide $1.15 million)
- 56 Llewellyn Street, Merewether - Saturday 1.30pm (Price guide on request)
- 1 Brantwood Close, Lakelands - Saturday 2pm (Guide $1,050,000)
- 10 Maurie Avenue, Warners Bay - Saturday 3pm (Guide $820,000)
- 24 Thalaba Road, New Lambton - Sunday 12.15pm (Guide $1.5 million)
