Auction round-up: California bungalow delivers $2 million result under hammer in Merewether

A California bungalow has fetched just over $2 million at auction in Merewether.

The four-bedroom, two-bathroom weatherboard house at 90 Kenrick Street went to auction on the weekend with Mike Flook at Robinson Property.

The auction drew three registered bidders, including one online.

Despite multiple parties being prepared to put their hat in the ring, only one buyer took part in the bidding.

The buyer from Newcastle, who recently sold their family home, started the auction with an opening bid of $1.9 million.

“There were two other buyers that couldn’t be there purely due to finance, which is pretty commonplace at the moment,” Mr Flook said.

“Out of the three registered bidders on the day, only one was active.

“It was a good campaign, but it is an interesting and almost difficult market to understand at the moment because it is very unpredictable.

“We had three registered bidders, but I expected more for this type of property.

“Whether people are still almost window shopping, it seems they’re waiting to see what next year brings with interest rates.”

The property sold for $2.010 million, becoming the fifth-most expensive home on the street.

According to CoreLogic, the median sale price of a house in Merewether is $1.9 million.

The house had been updated and extended over the years, including adding a Queensland room at the back.

“It sold to a young local family who will get in there and do the property up,” Mr Flook said.

“I sold it 20-odd years ago when it won an MBA award for renovations and extensions, so it had great bones and a lot of potential for someone to come in and put their stamp on it.”

CoreLogic records show the property was last sold in 2017 for $1.4 million.

In Elermore Vale, a 1980s three-bedroom house at 139 Aries Way in Elermore Vale listed with an auction guide of $800,000 with Luke Wilson at Harcourts Newcastle attracted seven registered bidders, including two out-of-area buyers online.

The bidding opened at $850,000, and the property was sold after negotiations for $950,000.

“It went all the way up to $950,000, so for a three-bedder, it was a great result,” Mr Wilson said.

“There are a few less buyers in the market, but the quality of buyers is still there and they are prepared to fight it out.

“They are not giving up at a level; they’re prepared to negotiate considerably if they love that house.”

CoreLogic records show the property previously transacted for $320,000 in 2014.

In Mayfield, a three-bedroom 1950s cottage with period features at 39 Denison Street went to auction with a guide of $900,000 with Nick Stewart at Wilton Lemke Stewart.

The auction began with an opening bid of $890,000, and the property sold for $975,000.

The property was last sold in 2012 for $369,950.