'Just like bees to a honey pot': Buyers flock to knockdown rebuild opportunity at Kotara

IT might not look like the typical dream home but this property at Kotara has drawn plenty of interest from prospective buyers.

This four-bedroom, two-bathroom home at Kotara attracted 50 groups through the first open house inspection on Saturday.

The four-bedroom, two-bathroom home at 8 March Street attracted 50 groups through the first open house inspection on Saturday after going live last Wednesday.

Selling agent Darren Bender from Robinson Property said the figure was unheard of in the current market.

"It's pretty amazing actually," Mr Bender said.

"For a typical property we seem to be averaging five to six groups at an inspection, depending on the property.

"This one was like turning the clock back to a year ago when we were in our boom."

So what made this property such a drawcard with house hunters?

The electric stove cuts a lonely figure in the tired old kitchen.

The house is positioned on a 741 square metre block in a sought-after pocket of Kotara and offers plenty of potential as a knockdown rebuild or renovation project with the addition of an extension.

"The reality of this one was it's a prime block of ground in a prime location that backs on to bush reserve," he said.

"The house was probably redeemable but I would suggest that nearly all of the people that showed interest and made offers on it - we ended up with nine offers - were owner-occupiers who wanted to knockdown and rebuild."

Mr Bender said he had around 100 enquiries in total since the property went live a week ago.

Offers are now closed and the property is expected to sell upwards of $900,000.

The bedroom also appears to also be doubling as a laundry.

"It's a great result when you consider that it's pretty much just for that block of ground and not the house," he said.

The agent said there is always strong interest in knockdown rebuild properties in the Newcastle area that offer close proximity to the city.

"Quite often I tend to find that when places that need to be renovated or demolished that are in a good part of town, well, that's just like bees to a honey pot," he said.

"Everyone wants that opportunity.

"Whereas if I have a vacant block of land, for example, out in a new subdivision I would never get the same sort of response as I'd get in that sort of location in Kotara."

The current median house price in Kotara is $836,000, according to CoreLogic.