One of Merewether's biggest residential blocks could push Newcastle over the $9 million barrier days out from Christmas.
A whopping 1226 square metre property at 30 Lloyd Street will go to auction on December 22.
The five-bedroom, five-bathroom home, which has uninterrupted views of Merewether beach, has an initial price guide of $9 million.
PRD Newcastle and Lake Macquarie's Natalie Tonks and Mark Kentwell said while the home's unique nature meant attaching a dollar-figure was difficult, there was every reason to believe it would top the record $8.7 million paid for Merewether's 44 Kilgour Avenue in September.
"At less than $7,500 a square metre, astute buyers looking for the best site remaining in Merewether will see the value and realise that even though this range is precedent-setting, it's for a good reason," Mr Kentwell said.
"It's the last chance they'll ever get to buy a site like this in this ballpark of price.
"We're not sure where it will land on price, but whatever a buyer pays, it will seem cheap in a few years' time.
"We've recently sold a property on Bar Beach Avenue, of which the house is going to be knocked down.
"The land price for that south-east facing property equated to around $11,500 a metre for a block around half the size."
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On the market for the first time in nearly 20 years, the circa-1960s home is part-way through a renovation designed by EJE Architecture.
Upon completion, the three-level home will house four bedrooms with en-suites and a "hotel-style" parents retreat.
Outside, a perfectly flat lawn is hidden between the house and an oasis-like garden space.
"The brilliantly engineered flat backyard is protected from the southerly winds," Mr Kentwell said.
"It's impossible to find another 1226 square metre double block in a position like this, so it's literally the last of its kind this close to the beach in the region."
The property, which is just a 350 metre walk to the beach. could also be divided into smaller blocks subject to council approval.
It is currently owned by a local family.
MEREWETHER'S BIGGEST SALES
- $8.7 million: 44 Kilgour Avenue (Sep 2021)
- $7.25 million: 38 John Parade (Sep 2020)
- $6.15 million: 10 Ocean Street (Sep 2020)
- $6 million: 39 Scenic Drive (Jun 2021)
- $6 million: 6 Ocean Street (Sep 2020)
