There were five bidders at the auction, with the winning bid eventually going to a local buyer.

"There was interest from several parties," listing agent Joel Soldado from Harcourts said.

"It was a bit of a grind because nothing is really fast-paced at the moment but we still got a really good result.

"It's a beautiful home and it was purchased by a local buyer who is a big fan of Carrington. It will be their family home so they are very, very happy."

Joannou, who rose to fame as a teenager in the 1990s playing bass in Newcastle rock group Silverchair along frontman Daniel Johns and drummer Ben Gillies, told The Newcastle Herald that he was selling the three-bedroom home to relocate to Coffs Harbour to live closer to his wife's family.

The musician is expected to make regular trips back to the region given his involvement in businesses including Wickham restaurant Flotilla.

Set on 508 square metres, the three-bedroom, one-bathroom home dates back to 1910 and features a classic return verandah, colourful leadlight windows and ornate ceilings.

The backyard includes an oversize double garage with mezzanine storage.

The musician purchased the renovated house in 2014 for $671,000.

Joannou also sold the premises of popular Newcastle West venue The Edwards, which he part-owned with his parents David and Sue, in May.

The Parry Street venue sold to a Sydney-based investor for $4,051,000 at auction.