The historic property at 49 Church Street features a grand Victorian Italianate residence, believed to have been built circa 1865 for the shipping master of Newcastle harbour, positioned on a north-facing block 1007 square metres in size.

There is limited movement in Church Street, where some of the city’s oldest and most prestigious properties reside.

PRDnationwide Newcastle and Lake Macquarie are selling the two-storey residence and agent Jesse Wilton said there had been “good local interest” since it hit the market this week.

“Interest in the prestige market, which is enquiry over $3 million, has been a lot stronger since we’ve come into spring,” Mr Wilton said.

He said a decade ago, any property listed over $1 million in Newcastle was considered high end, whereas now it was homes over $2 million.

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A price guide has not been set for Marlborough House, which will be sold at auction on a date still to be determined.

According to Australian Property Monitors data, Marlborough House was bought in 1985 for $300,000 then $2.7 million 22 years later.

At the time, the only higher sale on The Hill was when $3.05 million was paid for a property nearly 2000 square metres in size at 45 Church Street in 2006.

That was eclipsed in 2008 when a Newcastle record $7 million was paid for Jesmond House in Barker Street on The Hill.

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The neighbouring property of Marlborough House, the heritage-listed Woodlands at 51 Church Street, was sold in 2011 for $3.7 million, according to APM data.

Bishopscourt in Brown Street, The Hill was sold for $5 million in 2015.

There only been three sales on The Hill this year, according to APM data – one in The Terrace which had a price guide around $4 million and sold within three weeks on the market for an undisclosed sum.

Another home in The Terrace was listed last month with a guide of $4.3 million.

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