A buyer who only entered the market one day prior walked away as the successful bidder at the auction of a luxury property, securing it for a record-breaking price after inspecting it for the first time just moments beforehand.
The renovated four-bedroom, two-bathroom house at 64 Birdwood Street, New Lambton, sold under the hammer for more than $2 million.
Listed with Donna Spillane and Patrick Skinner of Spillane Property, the house had an auction guide of $2.1 million.
According to Mr Skinner, the final result set a suburb record as the highest price achieved for a house without a garage in New Lambton.
Designed by Craggspace Architecture and recently completed by an owner-builder, the project transformed an original weatherboard cottage into a high-end, coastal-inspired luxury home.
Cotality records show the property last sold in May 2023 for $940,000 before its transformation.
The auction drew two registered bidders, both local families looking for more space.
"We had an opening bid at $1.8 million, and after negotiation, it sold for $2.325 million," Mr Skinner said.
"The buyer only jumped into the market the day before, came and inspected it, liked what they saw, and went for it."
Mr Skinner said the property generated a high volume of interest throughout the campaign with 200 enquiries and 100 inspections.
"It was an impeccable renovation," he said.
"We even had other builders coming through, and others who do similar projects in the New Lambton area, trying to look for faults, but they couldn't find anything to fault.
"The quality throughout it was incredible."
Features of the extension include five-metre-high ceilings, a 150-bottle wine cellar, and underfloor heating in the bathrooms.
Also in New Lambton, a local couple living just a few streets away successfully secured a renovated period home at 49 Portland Place for $1.44 million.
The three-bedroom, two-bathroom house, positioned on a 375-square-metre block within walking distance of the local shopping village and schools, paired original details such as leadlight windows and ornate ceilings with modern finishes.
It was listed with Luke Wilson and Belinda Bartholomew-Walsh of Harcourts Newcastle with an auction guide of $1.35 million.
The in-room auction attracted three registered bidders, including two in person and one bidding online from interstate.
Bidding opened at $1.25 million and climbed in $25,000 increments before selling after six bids.
According to Cotality records, the property was previously sold in 2020 for $1.425 million.
Mr Wilson said the property had struggled to sell during a previous campaign with a different agency.
"It was on the market previously with another agency for two-and-a-half months and didn't get an offer, but within 27 days we sold it at auction," Mr Wilson said.
"We were really clear with our intentions and were able to get three bidders there, so the vendor was thrilled because she really wanted to move on to her next chapter."
Mr Wilson said that while rising interest rates, cost-of-living pressures, and changes surrounding negative gearing and capital gains tax have "absolutely" impacted buyer confidence, underlying demand remains steady.
"Buyer confidence seems lower than what it has been, but people still need to upsize, downsize, and move," he said.
"I am still seeing Sydney buyers coming to New Lambton saying, 'I'm a doctor, I've got a job at John Hunter Hospital,' and they have a genuine need to buy.
"It's not as strong as six months ago, there are fewer buyers out there, but there are still committed people who need to buy."
The property was one of two cleared at auction by Harcourts Newcastle last week.
In Islington, an updated 1925 three-bedroom, one-bathroom California bungalow on 259 square metres at 9 Bevan Street sold for $1.035 million through listing agent Joel Soldado.
It was offered to the market for the first time since selling for $725,000 in 2018.
In nearby Maryville, a three-bedroom townhouse at 11/18 The Lane was sold at auction by Mathew and Brooke Iuliano of Mavis Property.
Listed with a guide of $1.1 million, the auction drew two registered bidders who opened the bidding at $1 million before hitting a final sale price of $1.142 million.
The property previously changed hands in 2020 for $1.025 million
