"Bullish" and "buoyant" were words Newcastle and Lake Macquarie real estate agents were using to describe the region's property market after another strong weekend of results which included new suburb records for Dudley and Eleebana.
The Newcastle Herald reported this month Hunter house prices had hit record levels and were poised to fly higher after the Reserve Bank cut interest rates to a new low.
Figures from property analysts CoreLogic showed Newcastle and Lake Macquarie house prices were up eight per cent in the past 12 months, reaching a median value of $601,000 and surpassing the previous record set in 2018.
There has been a seemingly endless string of suburb record results achieved this year with prestige property proving sought after. A lack of supply has reportedly been driving prices higher in many cases and good numbers have returned to auctions.
Last Saturday, a Dudley residence at 8 Bombala Street marketed by Belle Property Lake Macquarie's Katie Kepner with a guide of $3.5 million sold at auction for $4.2 million. It featured a five-bedroom house and pool on over an acre of land overlooking Dudley rock shelf.
According to Australian Property Monitors data, it surpassed the previous highest record sale for the suburb of $3.55 million set for 2 Bombala Street in 2016. The result was also one of the highest for Lake Macquarie, only surpassed by this year's $4.25 million sale of a waterfront home in Ross Street, Belmont and $6 million auction result of an Eraring estate.
Ms Kepner reported six registered bidders, all local, with three active and two groups still bidding over $4 million.
"Homes like that one, regardless of market conditions, are always going to be very sought after and perform well because they're really special homes that don't come up very often," Ms Kepner said. "So it's hard to say whether the market conditions at the moment, which are unbelievably strong, played a part in it. But, either way, I think that result is just phenomenal."
Belle Property also achieved a suburb record sale for Eleebana when an opulent five-bedroom residence overlooking a resort-like swimming pool on around two acres of land at 21 Burton Road sold under the hammer last weekend for $3.2 million. It was was marketed by Anthony Di Nardo with a guide of $3 million. The previous highest mark was $2.8 million, achieved twice for waterfront properties, according to APM data.
Expectations were above $1.7 million for a three-bedroom house at 18 Alexander Street in Hamilton South marketed by Ray White Newcastle and Lake Macquarie's Leo Della Grotta.
It sold under the hammer last Saturday for an undisclosed sum rumoured to be over $2 million.
In New Lambton, a three-bedroom house at 17 Hawkins Street that Raine & Horne Newcastle took to auction with a guide of $625,000 sold for $775,000 with 16 registered bidders.
Auctions coming up
A suburb record for Wyee Point is expected to be set when McGrath Toukley take 7 Saddlers Way to auction on Saturday with a guide of $1.5 million and Daltons Partners' Anthony Merlo predicted another "buoyant" sale for Merewether Heights when 52 Sun Hill Drive goes under the hammer at 10.30am with a guide of $925,000.
Also selling
A grand family home on the edge of Blackbutt Reserve known as Treetops at 14 Floralia Close in New Lambton Heights sold within its first week on the market for $1.775 million.
First National Newcastle City listed the property with a guide of $1.5 million to $1.65 million before raising it to $1.65 million to $1.8 million, based on the offers they got from the first open house which was well attended. It sold within four days on the market with multiple offers being made.
There were over 80 enquiries and 70 inspections on a three-bedroom house at 1 Roslyn Street in New Lambton that was marketed by McGrath New Lambton and sold for $1.095 million before auction. The result was $160,000 over the top end of the guide and is believed to have set a new street record.
