The $6 million auction result of a luxurious estate in Eraring has blown the Lake Macquarie sale record out of the water, so to speak.
The $4 million mark for the lake was only broken in January when the waterfront home of former Newcastle lord mayor Jeff McCloy in Belmont transacted for $4.25 million. It was followed by suburb record sales in Speers Point and Warners Bay.
But the $6 million result of Eraring's 7 Foreshore Street (main picture) last Saturday has been described by McGrath Toukley's Chris Smith as "a game-changer" for the region. He and Mitchell Thomas marketed the luxurious home that featured six bedrooms, six bathrooms and a 14-car garage on 6.75 acres on the peninsula.
There were six registered bidders, mainly out of Sydney, with a Sydney businessman securing the property for use as a weekender.
"It is a bit of what Lake Macquarie needed," Mr Thomas said. "When you step into the Newcastle markets, you have a lot of the Bar Beach and Merewether property pushing prices to the absolute boundary week in and week out. To see results now in Lake Macquarie start to push north of $6 million is exciting.
"Because of the size of Lake Macquarie, it's probably something that's yet to be discovered in terms of waterfront property. It's starting to tick over.
"With the buyers that were enquiring and inspecting that particular property, their holiday homes overseas can no longer be a destination for them. They can't get there, so they're looking for holiday homes in the area that are lakefront or beachfront that replicated properties that were overseas."
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Tightly held
Strong early interest has reportedly come for two properties that are on the market for the first time in decades.
Street Property's Damon Sellis is selling a four-bedroom home at 50 Woodward Street in Merewether (pictured right) with a guide of $1.85 million to $1.95 million.
He said the appeal was in the elevated position, offering ocean and city views, as well as potential.
The property, which has been in the same family for 43 years, has a dual street frontage. It is open on Saturday at 11am and set for auction on September 5.
A four-bedroom house on a corner block at 10 Orchardtown Road, New Lambton being marketed by Dalton Partners' Lisa Macklin with an auction guide of $740,000 is on the market for the first time in almost 50 years. It is open on Saturday at 9am.
The home is set for auction on August 22.
