A dilapidated Maitland cottage on a tiny block has sold within a week of hitting the market after launching with a price guide just a third of the region's median house value.
The two-bedroom, one-bathroom house at 12 Abbot Street, positioned just off High Street, had an asking price of $290,000 to $320,000.
It was exchanged on June 29, three days after its first open house inspection attracted 22 groups.
Listing agent Matt Thompson of Harcourts Newcastle confirmed the property fetched a price at the top end of the guide.
"It sold for $320,000," Mr Thompson said.
"It attracted a mixed bag; there were a few opportunists hoping it was in better condition and didn't need as much work as it did.
"There were obviously a few people there who were more realistic and understood why it was priced where it was and that there is a lot of work that needs to be done to it."
The entry-level price guide directly reflected the property's tight 177-square-metre landholding and run-down condition.
Despite the land-value price tag, even seasoned renovators and tradespeople felt the task at hand was too daunting.
"Surprisingly, a few flippers and buyers who have a trade were even saying it was out of their range as well," he said.
According to Cotality's Home Value Index, the median house value in the Maitland region sits at $910,031.
The affordability factor attracted immediate interest when it launched on June 22, racking up 30 enquiries in its first 24 hours.
Overall, the property generated about 70 enquiries during the quick campaign.
While Mr Thompson didn't expect the cottage to sell so quickly, a flurry of multiple offers landed immediately after the first inspection.
"We had 10 offers on it including seven or eight buyers from the open house," he said.
"From a ratio point of view, it was about 30 per cent of the people that came through the property.
"The price stood out because it's not something that pops up in any market, so the price point was intriguing for buyers.
"People said they weren't expecting it to be a paint job but admittedly, some were hoping so."
A Hunter Valley-based buyer with a proven track record of flipping homes emerged with a standout, unconditional offer.
"I thought it would take some time because people would need to look at it and go back and figure out what they wanted to do," Mr Thompson said.
"I spoke with a guy who had flipped houses, and he happily waited until the first open house. He went through and put in an unconditional offer."
While the buyer's exact plans for the cottage remain unclear, he has previously completed home transformations across Newcastle, Grafton, and the Hunter Valley.
"He didn't give too much away, but it will be a good turnaround," he said.
"He showed me a few properties he has flipped and they look beautiful, so it will be a completely different home."
The sale marks the first time the property has changed hands in 35 years, having last sold in 1991 for $31,000.
The cottage is 300 metres from High Street Train Station and is within walking distance of local cafes, restaurants, shops, and the Maitland Regional Art Gallery.
"It's a quiet street, you are around the corner from the main street and a few minutes to Green Hills, so it's a good location," Mr Thompson said.
"The block is what it is, there is not much you can do with it so I will be intrigued to see what they end up with. The buyer is excited about it."
