A renovated five-bedroom, three-bathroom house in Lambton has sold at auction for almost double the price the sellers paid for the property less than five years ago.
The home, positioned in a quiet enclave at 12 Kilpanie Road, sold under the hammer for $1,645,000 on Thursday after a five-week campaign.
The sellers purchased the home in November 2018 for $830,000.
A total of 44 groups inspected the home during the campaign.
Selling agent Ryan Nichols said the property was the ninth renovation project for the sellers who were ready to move on to their next project.
He said the high level of quality throughout the home and the well-thought-out layout appealed to buyers.
"It was very well renovated," Mr Nichols said.
"The sellers are experienced renovators and they did a wonderful job. They have renovated many properties for themselves over time and they put in a big renovation here.
"That area of Lambton was all developed in the late 1990s so a lot of the homes are of that era, and this was a complete renovation of the home. "
A total of 34 auctions were scheduled across Newcastle and Lake Macquarie in the week ending March 5, according to CoreLogic.
The region recorded a clearance rate of 65.4 per cent, with CoreLogic reporting 17 cleared auctions and nine uncleared from 26 auction results.
The figure was slightly higher than last week's clearance rate of 60 per cent.
We spoke with the agent about the auction and the result at 12 Kilpanie Road, Lambton:
The property: A fully renovated two-storey home with five bedrooms and three bathrooms, an open-plan living, dining and kitchen space. The brand-new kitchen included a walk-in pantry, Bosch appliances and Italian marble benchtops.
The result: The property sold for $1,645,000.
Agents and agency: Ryan Nichols and Amanda Reid from PRD.
How many registered bidders? We had four registered bidders but only two participated at the auction.
How did the auction unfold? The bidding opened at $1.5 million and then it went up in increments of $10,000 before an increased bid of $35,000 and then edged up toward $1.62 million where it slowed and then there was some negotiation that went on from there.
Where were the buyers from? It was mostly local interest in this one. A lot of doctors and people involved in the hospital love that area because of its close proximity to John Hunter Hospital. The eventual buyers had moved to Newcastle recently but have been renting in the area to work out exactly where they want to be for the long term.
What made this property special? It was the area, being close to the hospital, and also the layout of the home. It suited a lot of different styles of families, especially with an almost self-contained area downstairs. There was no kitchen downstairs but it had a large bedroom and big living space that could be used independently by different family members.
Was the result a surprise? No. We appraised the property at $1.5 million to $1.65 million. We knew it was special and there weren't a lot of sales in that pocket at that price point but we knew this property could command that sort of money.
