Buyer splashes $1.725 million on knockdown on New Lambton's Carrington Parade

A THREE-bedroom, one-bathroom home in a sought-after pocket of New Lambton has sold off-market for a big sum.

This house at 31 Carrington Parade, New Lambton sold for $1,725,000 earlier this week.

A buyer looking to gain entry into the popular suburb snapped up the 683 square metre property at 31 Carrington Parade for $1,725,000 earlier this week.

Selling agent Todd Mason from McGrath said the buyer intended to knockdown the existing home and rebuild.

The property's 683 sqaure metre block appealed to off-market buyers.

"The buyers were looking for somewhere to build after not being able to find that bigger sized home they were after in New Lambton," Mr Mason said.

"This gave them the opportunity to build the big home they wanted and create exactly what they were after in that location."

The three-bedroom, one-bathroom home offered a renovated kitchen and bathroom.

The sale places the property as the fifth most expensive home on the coveted street.

Since the property market's boom, the street has had several million-dollar sales including 48 Carrington Parade ($2.4 million, September 2022); 99 Carrington Parade ($2.22 million, September 2020); 79 Carrington Parade ($2.1 million, June 2002); 69 Carrington Parade ($2.050 million, December 2021);

Mr Mason said Carrington Parade was a desirable area in New Lambton and the wide 20 metre frontage and side access at 31 Carrington Parade also appealed to buyers.

"We had it virtually off-market and introduced a couple of buyers through the home and we secured a great result for the owners," the agent said.

The living room at 31 Carrington Parade, New Lambtron.

"It was really just the block they were after. There are properties on similar blocks but this one had the 20 meter frontage gives you so much more scope with design.

"It was also the side access and garaging. It's also a level walk to shops and schools which was ideally perfect for the buyer."

The agent said that buyers are still out there for the right property despite the cooling market.

The property's large backyard and side access appealed to buyers.

"I think it shows that you can't put every property in the same market," he said.

"When you've got something like 31 Carrington Parade, which is a prime piece of real estate, you'll always have people wanting good properties in great locations."

The sale follows a record price paid for a villa in New Lambton.

Mr Mason sold 1/156 St James Road for $751,000 in March which is the highest price paid for a two-bedroom villa in the suburb.

The renovated bathroom at 31 Carrington Parade, New Lambton.