LOW stock levels in a sought-after suburb led to strong competition at the auction of a house in Tighes Hill at the weekend.
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The renovated three-bedroom property at 22 Margaret Street drew 10 registered bidders, who drove the sale price up to $1.406 million.
"Tighes Hill has been very low in stock for the last couple of months and currently there are only three properties on the market," Spillane Property selling agent Patrick Skinner said.
"One is a renovator and one is a knockdown rebuild, but this was one turnkey ready to go.
"We have a lot of people wanting to specifically get into Tighes Hill, so to put a turnkey property like that one forward with two living areas, off-street parking and a beautiful facade, it was in demand."
With market feedback around $1.1 million to $1.2 million, Mr Skinner said the property sold comfortably over the reserve after competitive bidding from potential buyers who were all from the Newcastle area and all owner-occupiers.
"We had 30 bids in total with four active bidders who started at $1.1 million and went up to $1.125 million and then $1.3 million, so it shot up quickly," he said.
There were 23 auctions scheduled to be held across Newcastle and Lake Macquarie during the week ending September 3.
According to CoreLogic's preliminary results, the region recorded a clearance rate of 64.3 per cent, which was down from 72.2 per cent the previous week.
Spillane Property also took a five-bedroom, one-bathroom art deco home at 94 National Park Street to auction.
Five people registered to bid at the auction, which began at $1.8 million and the property sold after negotiations for $2.125 million.
The agency also sold a one-bedroom apartment at 4/38b Frith Street in Kahibah at auction, which drew seven people to sign up to bid.
After an opening bid of $350,000, the property sold under the hammer for $428,000 which produced a record price for a one-bedroom apartment in the suburb.
The previous record was $375,000.
"In the market at the moment there isn't really much in that price point under $400,000, so it drew a lot of interest," Mr Skinner said.
In Lambton, a renovated three-bedroom home at 15 Florida Avenue drew five registered bidders after a strong campaign that attracted 94 enquiries and 51 groups through open house inspections.
Listing agent Carly Knight from McGrath said the auction came down to two parties who opened with a bid of $970,000 before it went on to sell for $1.03 million.
"It was very popular with buyers and I think the advantage of that property was the location overlooking the park and it being in the catchment for good school zones," Ms Knight said.
"They had also renovated the property to a certain extent so everything inside the home was new."
In Carrington, Mavis Property's auction of a renovated two-bedroom miner's cottage at 14 Mathieson Street sold well above its guide of $650,000.
Three registered at the auction that began with an opening bid of $610,000 and went on to sell for $757,000.
Earlier in the week, a five-bedroom home at 11 Ashbury Street in Adamstown Heights sold with Luke Wilson at Harcourts Newcastle.
Listed with a guide of $1.3 million, the bidding kicked off at $1.275 million and the property sold for $1.41 million.
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