Mayfield East flip project sells within days for $1.06 million

Jade Lazarevic
view.com.au
2 Min Read
The Mayfield East flip project sold within days for $1.06 million.
The Mayfield East flip project sold within days for $1.06 million. Credit: Supplied

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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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.”

The kitchen.
The kitchen. Credit: Supplied

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.”

The living room.
The living room. Credit: Supplied

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 renovated house has a main bathroom and an ensuite.
The renovated house has a main bathroom and an ensuite. Credit: Supplied

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 renovation included the addition of a deck..
The renovation included the addition of a deck.. Credit: Supplied

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.

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