58 Mounter Street, Mayfield East
A weatherboard home in original condition on Mayfield East's Mounter Street sold for $65,000 above its guide at auction on Saturday.
Selling agent Mick Phillips from Belle Property said the home offered an affordable option for buyers to gain entry into a sought-after pocket of the suburb where a renovated home on nearby Kitchener Parade sold last week for a record-breaking $1,821,700.
The four-bedroom home sold under the hammer for $685,000 after a four-week campaign.
The median house price in Mayfield East is $820,000, according to CoreLogic.
"It was a very, very original house so it was either going to be a major renovation or a knockdown rebuild," Mr Phillips said.
"It is a pretty sought-after position in Mayfield East though, with renovated homes there fetching some great results at the moment.
"A home recently sold in Mayfield East for over $1.8 million so this one was very much at the other end of the spectrum as a blank canvas ready for someone to renovate."
According to CoreLogic, a total of 29 auctions were scheduled across Newcastle and Lake Macquarie during the week ending February 26.
Auctions recorded a clearance rate of 60 per cent.
The figure was down from the previous week's 38 auctions with a clearance rate of 80.8 per cent.
We spoke with the agent about the auction and the result at Mayfield East:
The property: A four-bedroom, one-bathroom Californian bungalow in original condition on a 437 square metre block. Original features include ornate plasterwork ceilings, high ceilings and a fireplace.
Agent and agency: Mick Phillips from Belle Property.
How many registered bidders? We had seven registered bidders.
How did the auction unfold? The opening bid was $550,000 which quickly went tp $600,000. We were guiding $620,000 throughout the campaign. Of the seven bidders we had, four were quite active over that $620,000 mark. The successful party was with us for most of the budding and was able to secure it. It ended up selling for a further $685,000.
Where were the buyers from? They were mostly local young families and people who were looking to renovate and make it their family home. It was sold to a local family who plan to renovate it. They will tidy it up and move in and then do a major renovation over time.
What made this property special? What people were really liking about this property is that it was very level and only had a gentle slope, and it had good size frontage. So a four-bedroom home on a level block with good frontage was the main selling point for this one. Mayfield East is also becoming quite trendy with close proximity to some really nice cafes on Maitland Road. We are noticing the change in demographic and seeing a lot of younger generation coming in and renovating.
Was the result a surprise? We had consistent feedback at the guide price which was $620,000. Toward the end of the auction there was spirited bidding but that low to mid 600s is where a lot of that feedback was at so to push it a little bit higher was a great result and the vendor was very happy with it.
