A house on a prominent corner block with Bar Beach at its doorstep is the latest off-market property to fetch a multimillion-dollar price in Newcastle.
Lyndall Allan of Salt Property oversaw the sale of 1 Helen Street, Merewether, which transacted earlier this week.
Although the exact price remains undisclosed, Ms Allan confirmed it was sold under the $5.5 million guide to a Newcastle buyer.
Set on 440 square metres at the corner of Kilgour Avenue and Helen Street, the single-level property sits just steps from Bar Beach with direct access to the Bathers Way.
Last sold in 2017 for $2.6 million, the home had been extensively renovated by the owners, blending modern updates with original 1940s period features including leadlight windows, high ceilings, and timber floorboards.
Despite those updates, the new owner plans to demolish the home for a complete knockdown rebuild.
"We did have quite a few buyers through during the Salt Exclusive campaign, but being that for a lot of people it is a knockdown, you are not looking for a $5 million or $6 million buyer - you're looking for a $10 million buyer," Ms Allan said.
"There is not a lot of undeveloped blue-chip real estate left around the beach.
"Most properties that have that uninterrupted beachside location, you are looking at paying double the price because they have already been built on.
"So while this is a cheaper price point, the uncertainty around the cost of building and the time and effort that goes into that were factors that buyers were taking into account."
The transaction is one in a string of high-value off-market deals across Newcastle over the past four months.
Last week, a 5115-square-metre estate in New Lambton with a tennis court, a pool and a new pool house smashed the suburb record by more than $2 million.
Listed with Lisa Macklin of LM Property Co, it sold to a buyer from the agency's database for between $7 million and $7.5 million.
Harcourts Newcastle agent Belinda Bartholomew-Walsh secured two significant off-market sales in Merewether in June.
The first, an ultra-modern, architect-designed home on Berner Street, changed hands for an undisclosed price understood to be about $7 million.
Shortly after, a restored 1930s home at 61 National Park Street with an architect-designed extension sold within a day to a local downsizer for $4 million.
Ms Allan has also seen strong off-market results elsewhere in Merewether, selling 48 Hickson Street for $8.15 million in June, followed by 15 Helen Street for $3.35 million in July.
"It goes to show that quality real estate is still incredibly sought after," Ms Allan said.
