A fixer-upper with ocean views in Dudley has sold at auction after quick-fire bidding.
The two-bedroom weatherboard house set on 474-square metres at 119 Ocean Street drew two registrations who started the bidding at $1 million.
The bids increased quickly in increments of $50,000 and the cottage was sold under the hammer for $1.525 million to a local buyer.
Listing agent Peter Shiels of Shiels and Co said a quick succession of strong bids saw the auction wrap up within a few minutes.
"The opening bid was at $1 million and it escalated quickly," Mr Shiels said.
"They were going up in $50,000 increments, so it was all over in a couple of minutes.
"Both parties wanted it and participated in really willing bidding, hence the reason it was a well fought out auction."
The property was held by the same family since 1993 and required extensive renovation work.
"The sellers had held the property for many years and it does need a lot of work but it has great ocean views," the agent said.
"When you're dealing with a beachside suburb, places like Dudley are starting to tick along very nicely and we are seeing great results."
It was one of 23 auctions scheduled across Newcastle and Lake Macquarie in the week ending April 7.
The region recorded a clearance rate of 77.8 per cent, according to CoreLogic's preliminary results.
In nearby Redhead, a two-bedroom brick home in original condition on 690 square metres at 12 Stokes Street listed with a guide of $1.35 million drew three registrations.
It sold for $1.415 million after an opening bid of $1.2 million.
One of the biggest results of the week emerged in Merewether at the auction of a three-bedroom house at 10 Lorraine Street listed with First National Newcastle City Real Estate.
After an opening bid of $1.8 million, the property sold within its guide at $1.85 million.
A four-bedroom house on 600-square metres at 33 Woodstock Street in Mayfield also cracked the $1 million mark at auction after it sold for $1.29 million with Dowling Property agent Maria Di Claudio.
CoreLogic records show the property was last sold in 2009 for $435,000.
Also in Mayfield, Wilton Lemke Stewart's auction of a freshly renovated two-bedroom house at 32 Rawson Street drew five registrations.
After an opening bid of $800,000, the property was sold for $917,000.
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