Buyer pays record price at auction for $3.725 million Eleebana acreage

A house on 1.8 acres in Eleebana has become the most expensive residential property in the suburb after selling for a huge price at auction.

The acreage at 61 Cherry Road was sold under auction conditions with listing agent Anthony Di Nardo from Belle Property for $3.725 million.

The result topped the previous record of $3.2 million, held equally by two acreage properties at 20 Casson Drive and 21 Burton Road that were sold in 2022 and 2020, respectively.

“I sold 21 Burton Road two years ago and then another sold in 2022 also for $3.2 million, so this was $525,000 above that which is a huge result,” Mr Di Nardo said.

The auction drew three registrations, including two from Newcastle and one out-of-area buyer.

The auction opened at $3 million and played out across 11 bids between two parties before they went into negotiations to reach a final result of $3.725 million.

The property has direct access to South Creek and is positioned 300 metres from the lake.

“I knew it was worth north of $3.5 million because it was unique in that it was acreage plus it had a bit of waterfront,” he said.

The property was purchased by a couple from Newcastle who recently sold a multi-million dollar home in Bar Beach.

Mr Di Nardo said the property drew 177 enquiries during the six-week campaign, with interest from buyers in Sydney, Melbourne, Newcastle and Lake Macquarie.

Spanning six bedrooms and four bathrooms across two levels, the home has multiple living areas including a parent’s retreat off the master suite, and large deck.

The ground floor has a second kitchen and laundry as well as a gym and sauna, plus a separate music studio with storage and a covered outdoor area.

“It had the north-facing aspect on acreage with close proximity to the lake and Warners Bay shops but also this one has access to South Creek which takes you straight out to the lake,” he said.

The home was previously owned by anaesthetist Rob Burgess who Mr Di Nardo sold the home for in 2012 for $1,478,250.

It is the second recent sale on Cherry Road overseen by Mr Di Nardo.

In January, he sold a three-bedroom cottage on 2.95 acres at 43 Cherry Road for an undisclosed sum understood to be more than $2.4 million.

The median house price in Eleebana is $1.17 million, according to CoreLogic.

This article was originally published on view.com.au.