AUCTIONS delivered big results across Newcastle and Lake Macquarie for the week ending March 12.
A luxurious five-bedroom, four-bathroom house at 78 Rowan Crescent, Merewether delivered the biggest result of the week when it sold to a local buyer on Saturday for $4,025,000 with Street Property's Damon Sellis.
There was only one registered bidder however, Mr Sellis said they were happy to secure the property under auction conditions.
"We had one registration but there were several parties waiting for it to be passed in to then negotiate post-auction," Mr Sellis said.
"It's just part of the process - you're either going to sell prior to, at auction or post-auction depending on where your expectations are from your owners.
"There is a shortage of homes in Merewether, Bar Beach and The Junction that are between $3.5 million to $4 million and $4.5 million, so there are a lot of buyers waiting for good opportunities in this price point."
Positioned directly across from Gibbs Brothers Oval, the two-level home included high-end finishes and features throughout and a self-contained one-bedroom suite with a kitchenette, a bathroom and a private entry.
The agent said the property attracted interest from buyers locally and out-of-area.
In Cooks Hill, PRD's Craig Rosevear set a street record with the sale of a modern three-bedroom, three-bathroom home with a pool at 63 Railway Street on Saturday.
Three registered bidders competed for the property with 19 bids placed before it sold under the hammer for an undisclosed sum, topping the previous street record of $1,802,500 paid for 1/86 Railway Street in December 2021.
Also with PRD, Jess Wilton sold a luxurious fully renovated four-bedroom, two-bathroom house at 14 Rembrandt Drive, Merewether Heights at auction for $2.25 million on Thursday.
Three registered bidders competed for the property before it was sold to a couple who are relocating from Tasmania to Newcastle.
Auctions listed with Belle Property secured two big results on the weekend.
A much-loved home at 142 Cherry Road, Eleebana which was held by the same owner for almost 30 years sold under the hammer for $1.9 million on Saturday.
"This result is a great example of why auction is the way to go in this market, competitive and strong bidding along with a well run marketing strategy saw this sell under the hammer," listing agent Anthony Di Nardo said.
A home on 1,263 square metres at 54 Seacourt Avenue, Dudley sold for $2.2 million on Saturday after bidding between two parties went into negotiations.
"It sold for $2.2 million after negotiations to a professional couple who are currently renting in Newcastle and were looking for the quiet serenity out there in Dudley," Mr Di Nardo said.
"It went to auction and got to bidding at $2,020,000 at auction and then negotiations were held over the next hour and we were able to get to $2.2 million."
There were 21 auctions scheduled across Newcastle and Lake Macquarie in the week ending March 12 with a clearance rate of 53.3 per cent, according to CoreLogic.
We spoke with selling agent Anthony Di Nardo about the auction and the result at 142 Cherry Road, Eleebana:
The property: A mid-century three-bedroom, one-bathroom home with a retro kitchen and bathroom set on a 2,844 square metre block. The property was held by the same owner for 29 years and featured views across Lake Macquarie, with the home surrounded by manicured gardens and established trees.
The result: The property sold under the hammer for $1.9 million.
Agent and agency: Anthony Di Nardo and Belle Property.
How many registered bidders? We had three registered parties but it got to the point where only two of the three were actively bidding because it got to the point where, once the other two got started, it went past the third parties' budget.
How did the auction unfold? It started off at $1.5 million and there were 11 bids in total. Initially, it started off in $50,000 increments until we hit $1.7 million. We had a couple of bids of $25,000 increments, then above $1.8 million we had one bid of $50,000 and then one of $25,000 and then another $25,000 before it sold under the hammer.
Where were the buyers from? The successful bidder was local. One of the other parties bidding was local and the third was from out-of-area. The buyers are planning to renovate it however another one of the parties that missed it were planning to know it down.
What made this property special? Cherry Road is a sought-after street. It's a great location. I've sold 25 properties in that street before so it's always been in demand over the years. It's a north-facing property and within close proximity to the park and the lake. The current owners had lived there for 29 years so it was a very well-loved property.
Was the result a surprise? From the interest we had in the property I always thought we would get somewhere in the high $1 million mark. The vendors were prepared to sell for $1.8 million or possibly lower so it was a great result in the end. I think the last bid of $100,000 in particular was a great result.
