A STRING of sales above $1 million in Mayfield and lower days on market has signalled the suburb's status as one of the most sought-after for home buyers in the Newcastle region.
Two houses in Mayfield last week both sold for in excess of $1.2 million, which is well above the suburb's median house price of $860,882.
A four-bedroom house at 6 Murray Square achieved a sale price of $1.22 million with Lane Campos Property after it was sold to an investor from Sydney.
Salt Property's listing of a renovated three-bedroom period home at 1 Ackeron Street in Mayfield pulled in $1.28 million at auction after competitive bidding.
"It is definitely the suburb of the moment," Wilton Lemke Stewart listing agent Tom Lemke said.
"There is so much demand and we can't keep up with buyer numbers."
An uptick in renovated homes in Mayfield and the suburb's rising profile as a desirable place to live is drawing increased buyer activity including from investors, according to buyer's agent Chad Dunn.
"These two recent sales show the strong buyer confidence in Mayfield as an investment area that is quickly gentrifying," Mr Dunn said.
"There may have even been better results if there was more stock available.
"Many long-term local people may be surprised about this, however, most buyers will know that it is a hard area to secure a property, with prices rising all the time."
Properties are spending fewer days on market in the suburb, which also extends to Mayfield East and Mayfield West.
The median days on market for houses in Mayfield is 20, which is significantly lower than the median of 35 days recorded across the Newcastle and Lake Macquarie region, according to the latest CoreLogic data.
Renovated properties, such as a three-bedroom 16 Nelson Street in Mayfield which sold at auction for $1.5 million in March, are in high demand.
Other renovated homes that have sold for more than $1 million in the Mayfield area this year include 35 Crebert Street in Mayfield East, which sold for $1.25 million in April with Presence Real Estate, and 30 Thornton Avenue in Mayfield West, which achieved a sale price of $1.28 million with Mavis Property Co in March.
Other big sales include a renovated five-bedroom home at 30 Texas Street in Mayfield that sold for $1.25 million with One Agency and the $1.29 million sale of a four-bedroom house at 33 Woodstock Street in Mayfield listed with Dowling Property Group Hamilton.
In May, an unrenovated property at 20 Fawcett Street fetched $1.041 million after selling to a first-home buyer with Elders Newcastle and Lake Macqaurie.
CoreLogic data shows houses in Mayfield hold a median value of $860,882, with prices up 3.8 per cent over the last quarter and 8.8 per cent in the past 12 months.
Mayfield West has a slightly lower median house value at $815,298, with prices up 3.2 per cent over the last three months and 5.7 per cent in the past year.
Mayfield East is the most expensive pocket, with a median house price of $902,150 and values up 3.1 per cent over the quarter and 9.5 per cent in the past 12 months.
"The prices for sellers in Mayfield are better than they have ever been," Mr Lemke said.
"People like the suburb because you generally have bigger blocks, period homes, and it's close to things like coffee shops, so it ticks a lot of boxes.
"People are comparing it to places like Tighes Hill and Maryville where they are on 300 square metre blocks, but you can go one suburb over and get 400 or 500 square metres."
Mr Lemke has two listings in Mayfield that are both chasing more than $1 million.
These include a renovated three-bedroom period home on 538 square metres at 31 Gavey Street with a new two-bedroom granny flat at the rear.
It has an auction guide of $1.25 million to $1.35 million.
The property has drawn a high level of interest since hitting the market, with 28 groups through the first open house inspection at the weekend and 84 enquiries in one week.
"What we are finding is that fully original homes are selling well, or the homes that have been completely renovated with nothing left to spend," he said.
Jesse Wilton's upcoming listing of an architecturally redesigned four-bedroom house on 809 square metres at 47 Carrington Street is expected to raise the bar, with a guide of $1.7 million to $1.8 million.
