Street Property's Damon Sellis marketed the 12-year-old residence on prime Newcastle real estate at 16 Bar Beach Avenue. The property had been in the Cameron family for two generations and around 60 years and attracted local and out-of-town interest with 29 inspections from qualified buyers.

"The lack of supply of properties of this calibre in Newcastle is evident from the demand of this campaign," Mr Sellis said.

A price guide was not published during the five-week marketing campaign and Mr Sellis said the residence was secured by a local family for an undisclosed sum. But Domain believes it surpassed the $5.51 million result for 40 Kilgour Avenue, Merewether in February. The previous highest Bar Beach sale was $4.7 million for 6 Parkway Avenue in 2016.

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It comes after the $3.1 million sale of 26 The Terrace on The Hill on September 30.

Other big sales in Newcastle this year have been $3.6 million for 31 Parkway Avenue in Bar Beach in July and $3.35 million for a "world-class penthouse" in the Royal overlooking Newcastle beach at 59/1 King Street in June. The highest sale for Lake Macquarie this year has been $3.75 million for a luxurious waterfront at 27 Excelsior Parade in Carey Bay in March.

Also in Bar Beach, PRDnationwide Newcastle and Lake Macquarie sold a three-bedroom home at 22 Wrightson Avenue for $2.35 million off market. First National Newcastle City also recorded the $1.6 million off-market sale of 207 Parkway Avenue in Hamilton South.

First National's $1.3 million sale of three-bedroom apartment in Parry Grande in Newcastle West has sold out the Parry Street development.