The $3.81 million sale of a grand 1880s residence overlooking King Edward Park in one of Newcastle's most exclusive positions shows how quickly the city's real estate market has recovered from a downturn, according to selling agent Jesse Wilton.
Mr Wilton and Mark Kentwell, of PRDnationwide, marketed 30 The Terrace on The Hill. It was set for an in-room auction on November 13 but was secured by a local purchaser beforehand. The property had sold for $3.825 million 18 months earlier.
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"There was probably a short list of five buyers showing interest in that property which just shows that top property is still in demand," Mr Wilton said.
"The previous 18 months is probably one of the worst times in Newcastle's real estate history for the last 30 years and generally the top end drops the quickest and the hardest. What this sale shows is it's recovered quickly."
Belle Property Charlestown sold a 1.8 hectare property at 1 Chilcott Avenue in Mount Hutton for $1.755 million. It is believed to be the highest sale for Mount Hutton. There have been higher results in the past but for properties which are now classified as Eleebana.
A five-bedroom home with a pool at 35 Wood Street in Adamstown was sold by McGrath Newcastle City for $1.36 million after eight days on the market. In Tighes Hill, First National Newcastle City sold a brand new five-bedroom home at 10 John Street for $1.1 million. Robinson Property sold 94 Bar Beach Avenue in The Junction for $3.05 million in four days. All three were the second-highest sales for their respective suburbs this year, according to Australian Property Monitors data.
