The property was last sold in December 2018 for $4.25 million.

The five-bedroom, four-bathroom property at 46 Bar Beach Avenue was sold off-market to a local family following several offers from qualified buyers.

It is believed to be the Newcastle region's second biggest residential sale of 2021 behind the record-breaking $8.7 million sale of 44 Kilgour Avenue, Merewether in September.

PRD nationwide Newcastle's Natalie Tonks, who negotiated the sale with principal Mark Kentwell, said the home offered an attractive "set-and-forget" move in an increasingly competitive location.

"Since COVID in particular people just want to live in Newcastle," Ms Tonks said.

"The floodgates have opened really."

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Just a 300m walk to the beach, the home boasts a glass-fronted wine cellar, a gym, a stylish pool and two lavish living areas.

The sale registered a new suburb record for Bar Beach, eclipsing the $5,275,000 paid for 96 Memorial Drive last year.

It also came just days after 31 Bar Beach Avenue, located in the same street but within The Junction, sold for an undisclosed price believed to be between $4.7 million and $4.9 million.

"There's streets in Newcastle that people just absolutely want to live there," Ms Tonks said.

"I think the uniqueness of that street is that because its got the green scape as well, you're opposite park and a lot of people love that.

"You're also in very close proximity to the beach and that's very hard to find in Newcastle, there's not many streets that offer that."

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