A property in New Lambton has defied a cooling market, smashing its suburb record by more than $2 million in a quick off-market sale.
The discreet deal not only set a new benchmark in the suburb, but achieved the highest price for a non-coastal property in Newcastle.
Lisa Macklin, of LM Property Co, oversaw the record sale of the six-bedroom house at 56 Addison Road, which was snapped up by a local buyer.
Although the sale price is undisclosed, Ms Macklin confirmed the property sold in the range of $7 million to $7.5 million.
"It sold within the range we were advertising and it was sold after the first inspection to a buyer on our database," Ms Macklin said.
"Basically, the first client that I reached out to was the buyer.
"I knew this property was coming up but they weren't going to market for another six or seven months.
"I reached out to them and said 'These guys are happy to do a delayed settlement, I think they could be your buyer, so would you be open to me showing them through?' and that's how it all came together."
On 1.26 acres, the six-bedroom, three-bathroom house eclipsed the previous suburb record set next door at 54 Addison Road, which sold for $4.95 million in November 2023.
"It is a suburb record for New Lambton and the highest price for a non-coastal property in Newcastle," she said.
The circa-$7 million result is about four times the price the sellers paid for it in November 2012 when it previously changed hands for $1.76 million.
Built in 1985, the two-storey house sits on the largest residential landholding in the suburb, complete with landscaped gardens, established trees, a tennis court and a swimming pool.
"The owners had done an extensive renovation and created a pool house with self-contained guest quarters," Ms Macklin said.
"It sold to a resident local to New Lambton and they were looking for their forever home.
"They wanted a large home in a quiet location. Addison Road is such a private little pocket - no one drives up there unless you are a resident. It's a real oasis."
The record sale comes after home values across Newcastle and Lake Macquarie dropped for a fourth consecutive month in August.
"New Lambton is one of the very few suburbs where the price hasn't been impacted by the nervous market," Ms Macklin said.
According to Cotality, the median house value in New Lambton is $1.24 million, up 3.2 per cent over the past year.
Other top sales along Addison Road include a five-bedroom house on 2371 square metres at 62 Addison Road, which sold in May for $3.3 million, and a five-bedroom house on 1637 square metres at number 52 that sold in April 2024 for $3 million.
