One of the largest landholdings on Redhead Bluff has returned to the market 32 years after selling for $165,000.
The property at 4 Ebsworth Street, Redhead, launched this week after attracting strong off-market interest from local and Sydney buyers.
Comprising a two-bedroom weatherboard house on almost 800 square metres, the site has triple access from the front, side and rear lanes, making it a prime candidate for a knockdown rebuild or a multi-dwelling development.
LJ Hooker Belmont listing agent Steven Georgalas described the property as a "once-in-a-lifetime" opportunity for a suburb that is defying broader market conditions.
"In a good, bad or indifferent market, Redhead is always sought after," Mr Georgalas said.
"This property is tightly held and it was last sold by our office in the early 90s.
"It is the largest block on the bluff, according to all the research I have done, and it is an underdeveloped property, so it is a once-in-a-lifetime opportunity."
Positioned 450 metres from Redhead Beach, the site offers scope to build a large house or capitalise on its development potential.
"It appeals to anyone looking to develop a family home in that spot," he said.
"It is surrounded by lots of brand new and fully renovated homes along Ebsworth Street, so there is that potential to build the dream home that is a short walk to the beach.
"There is the potential to build either two or three townhouses on the property, which the vendors had approvals for many years ago.
"The owners also looked at building a second dwelling or granny flat on the property, so there are similar opportunities."
Redhead ranks among the region's top-performing house markets.
Despite a property downturn that has delivered four consecutive months of falling home values across Newcastle and Lake Macquarie, Redhead recorded growth of 0.8 per cent over winter and a 9.4 per cent increase over the past year.
The median house value in the suburb sits at $2.145 million.
While no price guide has been set, knockdown rebuild sites in the surrounding area have drawn significant figures.
In 2024, a three-bedroom house at 13 High Street sold for $3.35 million at auction, while another property on High Street, also sold as a knockdown rebuild, fetched $3.4 million in August this year.
The property at 4 Ebsworth Street will be auctioned on October 15.
"We have already had strong interest," Mr Georgalas said.
"We had this property run off the database over the last 10 days and met quite a few locals in the street and the surrounds of the bluff and local beachgoers as well.
"I think it is one of those properties that, regardless of the market, people may have seen it in the past and thought 'If that property ever becomes available, I'd love to buy it'."
The suburb record for a residential property in Redhead is held by 51 Steel Street at $5.62 million.
