56 Llewellyn Street, Merewether
A MEREWETHER location and a generously-sized flat block led to a huge auction result on Saturday.
Selling agent Simon Wall of Simon Wall Property said 73 groups viewed the four-bedroom, two-bathroom home at 56 Llewellyn Street during the four-week campaign.
On auction day, it came down to three families willing to compete for the property on Saturday before it sold under the hammer for $1.95 million.
"Anything in that slightly below $2 million price range is super attractive for Merewether," Mr Wall said.
"In a lot of areas in Merewether, that's a knockdown rebuild price, which sounds crazy. So to get a four-bedroom family home around $2 million is few and far between."
It was one of 11 auctions scheduled across Newcastle and Lake Macquarie on the weekend.
Elsewhere, Belle Property had a strong run of auction results with 133 Glad Gunson Drive, Eleebana selling for $1.26 million, 1 Brantwood Close at Lakelands sold under the hammer for $1,155,000 and a home at 10 Maurie Avenue, Warners Bay sold for $819,000.
In Speers Point, a four-bedroom, two-bathroom home at 4 Raymond Street sold at auction on Saturday for $1,615,000 with First National Real Estate Newcastle City.
We spoke with Simon Wall about the auction and the result:
The property: A four-bedroom, two-bathroom home with a pool on a 671 square metre block. Features included high ornate ceilings, timber floorboards, ornate fireplaces, and servery window from the kitchen.
The result: The property sold under the hammer for $1.95 million.
How many registered bidders: There were three registered bidders on the day.
What made this property special? It was a well-balanced home, so it had four bedrooms, two bathrooms, two to three living areas and it had a north-east aspect to the rear. It had a really private backyard with a pool so it was the type of family home that a lot of people want. Big bedrooms, good living spaces and a bright aspect. There is a lot of demand for those types of homes. Buyers were a little unsure at first because Llewelleyn Street is perceived as a busy road but once they were inside and walked out into the backyard, they realised it was better than expected.
Where were the buyers from? They were all local and all from Merewether as well. They were all upgrading to bigger homes. One was from Merewether and one was from Merewether Heights, so all local and wanted to stay in the area.
How did the auction unfold? the opening bid was $1.7 million. It went up in $25,000 increments to $1.75 million and then it went up in $100,000 increments. Overall, there were 13 bids in total. It was very competitive and sold over the reserve under the hammer.
Was the result a surprise? No, it wasn't. When you have 73 groups looking through a home you know there is something good going on.
e
