Mayfield East flip project sells within days for $1.06 million
A house flip project in Mayfield East in Newcastle has been snapped up after spending less than three days on the market.
The property at 30 Greaves Street sold for $1.06 million last week after a buyer placed an offer after the first open-house inspection of the project completed by full-time renovators Rob and Megan Parkinson.
The three-bedroom, two-bathroom home on 271 square metres hit the market on March 21 with a guide of $985,000 with listing agent Anthony Merlo from Colliers Residential Newcastle and sold within days of its market release.
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By continuing you agree to our Terms and Privacy Policy.Houses listed in Mayfield East spend a median of 29 days on market, according to CoreLogic.
“We had 14 parties inspect the property at its first open home viewing last Saturday (March 23) and a sale was negotiated by Sunday evening,” Mr Merlo said.
“The purchasers had been searching the market for a home for some six months after selling their Adamstown apartment and could not find a home that rivalled its quality and price point.”
Mr Merlo said he had listed seven renovated homes for the Parkinsons over the past decade and all had sold within a matter of days of being launched.
“Quality renovations stand out big time from the crowd,” he said.
“Buyers who are time poor and have limited renovating skills are more than happy to pay a premium for the right properties.”
It marked the tenth “flip” project by the Parkinsons who purchased the run-down property at auction in August last year for $733,000 and started the renovation in September.
The project transformed the two-bedroom, one-bathroom weatherboard home into a contemporary three-bedroom home with an ensuite.
The median house value in Mayfield East is $891,000, according to CoreLogic.
House prices in the sought-after fringe suburb have increased 56.2 per cent in the last five years.
The top price paid for a residential property in the suburb was recorded in May following the $1.825 million sale of a renovated five-bedroom home on 600 square metres at 9 Kitchener Parade.
Other significant sales in Mayfield East include the former home of builder Eli Conroy, from Newcastle building company Built By Eli, at 8 Kitchener Parade that sold for $1,821,700 in February last year after a bidding frenzy at auction.
