Redhead property secures $2.55 million sale at auction after 40 years of ownership

There were 29 auctions scheduled in the week ending October 8.

According to CoreLogic's preliminary results, Newcastle and Lake Macquarie auctions recorded a clearance rate of 71.4 per cent, up from 68.4 per cent the previous week.

The four-bedroom, three-bathroom home at 11 High Street in Redhead listed with Shane Smith at Century 21 Newcastle delivered one the biggest auction results of the week.

Three registered parties were in the running to secure the property, including two from Newcastle and one from out-of-area who opened the bidding strong at $2.2 million.

The property went on to sell under the hammer for $2.55 million to a young family from the Newcastle area.

"We had good enquiry across the course of the auction campaign," Mr Smith said.

"For a property in that kind of location with that kind of view, that's what you would expect so it was a great result."

Mr Smith said the home, which had panoramic ocean views from its elevated position in the beachside suburb, had been held by the same family for more than 40 years.

"It had been in the same family for several decades so it was a bittersweet moment for them to sell after all that time but it was time for them to move on," he said.

There was a similar result in Merewether at the auction of a renovated three-bedroom, two-bathroom home on 483 square metres at 15 Turnbull Street.

The home, which had a large open-plan living, dining and kitchen extension at the back along with a swimming pool, was listed with a guide of $2 million to $2.2 million with Spillane Property.

Two registered bidders took part in the auction of the property and started with an opening bid of $1.8 million.

It sold via auction for $2.15 million to a young family who had been renting in the area, according to Spillane Property selling agent Patrick Skinner.

Earlier in the week, Spillane Property also took a renovated split-level four-bedroom, two-bathroom home at 8 Erina Place, North Lambton to auction.

The property, which had an in-ground swimming pool and outdoor spa tub with a cabana, was listed with a guide of $900,000 to $990,000.

There were two registered bidders who kicked the auction off with an opening bid of $850,000.

The property sold for $1 million to a Sydney buyer who was moving to Newcastle.

"To have that many rooms and get the property at around that $1 million mark, that made it very popular," Mr Skinner said.

There was a strong result in Cooks Hill at the auction of a three-bedroom period home with no off-street parking at 91 Bull Street listed with Mathew Iuliano at Mavis Property Co.

The auction drew three registered bidders who started the bidding high at $1 million which was just above the guide of $990,000.

The property sold under the hammer for $1.285 million.

First-home buyers and downsizers were among the buyers competing for a three-bedroom house at 17 Buwa Street, Charlestown listed with McGrath's Tammy Hawkins.

The property drew four registered bidders, three of whom participated and started the bidding at $790,000.

After 30 bids, the house was sold for $896,000.

Ms Hawkins said the home drew plenty of interest throughout the campaign with 75 enquiries, including many from Sydney.

"The ultimate buyer was from out-of-area who was moving to Newcastle," Ms Hawkins said.

"We had another bidder who had just moved to Newcastle as well so we are seeing an uptick in buyers coming from out of the area."

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