A RUN-DOWN cottage in Mayfield is expected to attract strong interest from buyers when it goes to auction in February.
The two-bedroom, one-bathroom property at 112 Woodstock Street is listed with Jess Wilton at Wilton Lemke Stewart with a guide of $530,000, which is revised from $590,000.
That makes it the cheapest house on offer in the suburb and the most affordable on the market within 10 kilometres of the Newcastle CBD.
The bargain price falls under the suburb's median house value which has climbed to $815,000, according to CoreLogic.
However, the home requires extension renovations inside and out.
"It's the cheapest house in the city," Mr Wilton said.
"It is a deceased estate and there is a lot of work to do, and if someone is brave enough to take it on, they get the cheapest house in the city."
Set on 413 square metres, there are two large bedrooms at the front of the house, as well as a sun room, a dining room and living room.
A rumpus room and laundry is at the rear of the house which retains original features such as plaster ceilings, picture rails and a brick fireplace.
"It has beautiful charm with ornate ceilings and picture rails, that sort of thing, it could turn into a stunning home," he said.
"Someone has already started the renovation process so it just needs someone to finish it."
Mr Wilton said the property offered plenty of potential for buyers looking to get into the area.
"We have had a lot of enquiry which has mostly been people who flip houses and first home buyers," he said.
"First home buyers looking at up to $650,000 can buy it and spend the surplus cash to do a little bit of work, they can do that here."
CoreLogic records show the property was last sold in 2009 for $200,000.
The property is set to go to auction on February 15 at 6pm.
Mayfield has undergone significant gentrification in the past 20 years which has increased demand for property in the suburb.
House values in the suburb increased 4.2 per cent over the past 12 months and 48.4 per cent in five years, according to CoreLogic.
"The demographics in Mayfield has changed a lot," Mr Wilton said.
"The school zones are driving it and the cafe and restaurant scene has also really boosted it to become its own little town outside of the city.
"It's very popular with buyers in that 25 to 40 age bracket."
Mayfield was named by Allen Wargent Property Buyers as one of Newcastle's top suburbs to purchase property in 2024 alongside Adamstown Heights, Merewether and New Lambton.
Buyer's agent Reece Marini said the suburb's gentrification, affordability and location made it popular with buyers.
"Mayfield is emerging as a prime destination for younger buyers, particularly those finding Newcastle's inner suburbs beyond their reach," Mr Marini said.
"Detached homes can be purchased from around the $700,000s range and upwards, offering relatively affordable entry prices.
"Mayfield also has plenty to offer in terms of cafes, a local shopping precinct with supermarkets, proximity to the CBD, as well as the great city beaches."
The record price paid for a residential property in Mayfield was set in January 2022 following the $3 million sale of the landmark home, Bella Vista, at 47 Church Street.
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