A knockdown rebuild has added nearly $3 million to a home at 31 Bar Beach Avenue, The Junction.
Bought as a "dilapidated" three-bedroom property for $2.03 million in September 2020, it sold last week for an undisclosed price believed to be in the vicinity of $4.7 million to $4.9 million.
A Hamptons-style showpiece home with six bedrooms, five bathrooms and a stylish pool area now stands on the 534 square metre block.
First National Newcastle City's George Rafty said the home was passed in at auction before selling to local buyers.
According to CoreLogic data, the eventual sale price blitzed the previous suburb record ($3.142 million for 66 Bar Beach Avenue in 2019) by at least $1.5 million.
The $3.05 million sale of 94 Bar Beach Avenue in 2019 is the suburb's only other $3 million residential sale to date.
"It's gone to a beautiful family with young children," Mr Rafty said.
"Bar Beach Avenue for me is one of the most highly regarded streets in our city and the fact that this has two street frontages ... lots of parking, lots of bedrooms, living spaces, pool - it was the complete package."
A section of flooring, reinstalled in a living area, and a part of the garage were the only remnants of the former home.
"Being an R3 zoning it meant the builder could put a lot more house on that block," Mr Rafty said.
"Although it didn't have a lot of yard, it was 150m to Empire Park and around the corner from The Junction shopping precinct."
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'THAT' LAMBTON HOUSE HITS MARKET
An enchanting four-bedroom Lambton home on nearly 1000 square metres will go to auction on November 20.
Dating back to 1919, 'Cartrefle' at 79 Howe Street is being marketed by Belle Property's Anthony Di Nardo and Katie Kepner as having grounds worthy of a magazine.
"It's so amazing - it's this beautiful Federation-style brick home and it's got the most incredibly manicured gardens surrounding it," Ms Kepner said.
"People will see this come up and say 'I've driven past that house 100 times and always wanted to see inside' - it's that house."
The home has four bedrooms, a saltwater pool, a new main bathroom and is just one block from Lambton Park.
