TERALBA is the latest suburb to score a record-breaking sale.
An ex-display home built by Mojo Homes in the Billy's Lookout development at 51 Pitt Street sold for $1.75 million with Home In the Hunter selling agents, Laura and Daniel McMahon.
"It is a very bullish price," Ms McMahon said.
"We have sold 16 homes in Billy's Lookout in the past 12 months and it is becoming a sought-after area."
Ms McMahon said the quality of the build, the expansive size of the five-bedroom, three-bathroom home and the value the property offered drove the record price.
"The current replacement build cost on this home with all the bells and whistles with Mojo is $1.1 million," she said.
"Buyers were really struck by the quality of the home and how close it is to everything."
The result topped the previous record of $1,650,999 paid for a house at 3 Regatta Close in October last year.
The Hamptons-inspired two-storey home is set on 595 square metres.
Features include 40mm stone benchtops in the kitchen, a butler's pantry and coffered ceilings in the open-plan kitchen, living and and living room.
The home also has a large alfresco area.
According to CoreLogic, the home was last sold in July 2022 at which point it broke the suburb record when it fetched $1.65 million.
"It held the suburb record in July last year but now we have the suburb record back," she said.
Ms McMahon said the owners reluctantly listed the home after owning it for just over a year due to a change in circumstances.
Teralba has emerged as one of Lake Macquarie's top suburbs for growth in recent years following the development at Billy's Lookout.
According to CoreLogic, the suburb holds a median house value of $847,000.
The median value of houses in the suburb has grown 6.2 per cent growth in the past 12 months and 40 per cent in the last five years.
"We recently sold another home on Pitt Street for $1.6 million and we have had a lot of buyers come from Adamstown and Georgetown, which is interesting," the agent said.
"People are struck by the amount of house they can get and how close they are to the lake.
"The other buyers we are seeing are coming from areas of Sydney including the North Shore, Hornsby, Castle Hill and Wahroonga."
- Readers can now subscribe to Australian Community Media's free weekly Newcastle Herald property newsletter.
The newsletter will keep you informed about what's currently making headlines in the region's real estate market and beyond.
To sign up, click here, scroll down, enter your details, click the 'property' box and then click 'subscribe'.
