AUCTION clearance rates have dropped, but increased buyer confidence had bidders lining up to register at auctions across Newcastle and Lake Macquarie at the weekend.
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There were 22 auctions scheduled in Newcastle and Lake Macquarie during the week ending July 16 that recorded a clearance rate of 58.8 per cent, CoreLogic's preliminary auction results said.
The figure was down from 66.7 per cent the week before and 73.7 per cent the week ending July 2.
The biggest result of the weekend was the sale of a four-bedroom, two-bathroom home with a four-car garage on 657 square metres at 19 Crown Street, Belmont.
Just 500 metres from Green Point Reserve, the house was listed for the first time in 30 years with Harcourts Newcastle and Lake Macquarie.
There were four registered bidders and two actively taking part. The auction started with a $1.2 million bid.
"There wasn't a lot of bids, only four in total, and then a little of negotiation at the end," Harcourts listing agent Joshua Lloyd said.
"It sold to a buyer from Sydney for $1,227,500."
Also in Lake Macquarie, a five-bedroom, two-bathroom home with a pool on a 720 square metre block at 20 Courtney Close, Charlestown, pulled in another big result after it sold for a figure understood to be around $1.2 million with Belle Property.
Other auction results that cracked $1 million included Street Property's auction of a four-bedroom home with park views at 35 Churchill Circuit in Hamilton South.
The auction attracted three registered bidders who started with an opening bid of $1 million. The property sold under the hammer for $1.15 million.
In New Lambton, a renovated 1930s four-bedroom home on an elevated position at 135 Russell Road went to auction on Saturday with Harcourts.
The auction drew just one registered bidder and started at $1.07 million before it went on to sell to the buyer from Sydney for $1.18 million.
"Even though we only had one bidder we are finding that we are having really good success with auctions," Harcourts' Blake Webster said.
"Out of the three most recent auctions we have held, all three have sold at auction.
"This one had the smallest amount of registrations having only one, but our last auction had 14 registrations and prior to that, we had seven so we are still finding auctions to be really competitive.
"In the end, it all comes down to the property."
About 20 onlookers turned out for the auction of a house in need of renovation at 22 Robertson Road, Valentine, on Saturday.
The auction drew four registered bidders, but only one participated, placing four bids through negotiation.
After an opening bid of $730,000, the property sold just above its reserve for $810,000 to couple buying their first home.
"We are seeing an increase in first-home buyers participating at auction," Ray White's Troy McLennan said.
"The buyers had seen the property once before, but didn't actually have any intent of buying it - they actually came up to the auction just to watch it and ended up buying it."
Five registered bidders turned out for the auction of a 1930s-era four-bedroom home at 14 Bowker Street, Georgetown, which was listed for the first time in 55 years.
The property sold above its guide of $875,000 after it was snapped up during an aggressive auction on Saturday.
A buyer from the Newcastle area bought the home for $925,000 after going head-to-head with the four other bidders.
"There were 16 bids in total, which went up in increments of $10,000 and $5000," listing agent Selina Rankin, from Salt Property, said.
"All of the bidders were active and we actually reached the reserve before we announced that the property was on the market.
"There were very disappointed buyers at the end - there were actual tears from the buyers who missed out."
In Mayfield, the auction of a three-bedroom home, listed with First National Real Estate Newcastle City at 9 Baker Street, attracted an opening bid of $680,000 and sold under the hammer for $735,000.
At Warners Bay, Belle Property sold a three-bedroom cottage at 14 Vennard Street at auction for $890,000.
Two of the agency's other properties, at 20 Panamena Crescent, Eleebana and 7 Lake View Road, Kilaben Bay, sold before auction on the weekend for $1.185 million and $1.65 million respectively.
A rare vacant lot on the city's fringe also sold at auction on Saturday.
The 236 square metre block, which offered mixed-use zoning, at 24 Fern Street, Islington, sold for $450,000 plus GST with Green St Property.
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