A dilapidated Hunter Valley home listed with a bargain price guide is set for a second chance after selling at auction over the weekend.
The unliveable two-bedroom house in Aberdare was listed by McGrath Hunter Valley agent Chilli Bromage with a guide of $420,000 to $460,000.
Ms Bromage said the price point sparked widespread interest, including buyers based in Sydney, the Central Coast, Newcastle, and Maitland.
Set on a 752-square-metre block complete with an in-ground swimming pool, which also requires a full refurbishment, the auction drew seven registered bidders, including a mix of seasoned renovators, tradies and hopeful first home buyers.
"It was mostly builders and renovators, as we had expected, people who had the skill and knowledge to take it on," Ms Bromage said.
"There was also a couple of young first home buyers that had family member's building skills they were going to lean on, as well as a father-daughter combo who planned to live in it, renovate it and move on.
"In the end we had two main bidders."
The auction kicked off with an opening bid of $350,000 before two buyers went head-to-head.
Nine bids later, the property was sold for $431,000.
The buyers, experienced renovators, plan to overhaul both the house and the pool.
"The successful bidders are tradies, so they plan to do the renovation and flip," Ms Bromage said.
"They have done a lot of that sort of thing all over the region across Newcastle and Kurri Kurri, so they are very experienced.
"Their plans are to reinstate the swimming pool, and complete a lovely renovation of the house to make it perfect for a first-home buyer to buy into that price bracket.
"They were the perfect buyer for it."
Cotality records show the property last changed hands in 2006 for $170,000.
Aberdare's house market has had rapid growth, with median house values surging to $725,000 following a 16.2 per cent rise over the past year, 56.9 per cent over three years, and 111.9 per cent since 2021.
In Newcastle, a three-bedroom weatherboard cottage listed with a guide of $770,000 at 156 Young Road, Lambton, sold at auction with Spillane Property.
Two bidders registered for the auction, with the bidding starting at $750,000.
It was sold after six bids for $806,000.
Cotality records show the property was last sold in 2017 for $499,000.
Earlier in the week, a renovated 1940s four-bedroom home backing onto Merewether Golf Course sold at auction for $2.31 million with Salt Property's Lyndall Allan.
Previously bought in 2016 for $940,000 by Newcastle artist Clare O'Hara, the property featured an original hand-painted mural in the backyard.
Listed with a $2.2 million guide, the sole registered bidder opened the auction at $2 million before securing the property after negotiations.
According to Cotality, 14 homes in Newcastle and Lake Macquarie were scheduled for auction in the week ended August 23.
The preliminary clearance rate is still pending.
