NSW real estate: Buyer acts quickly to snap up beachside Merewether home for $4.35m after first inspection

Jade Lazarevic

view.com.au

3 Min Read

01 Jul 2024

4 Buchanan Street in Merewether has fetched more than $4 million at auction. Credit: supplied,

Auctions delivered two of the biggest property sales across Newcastle and Lake Macquarie in the week ending June 30.

A five-bedroom, three-bathroom house at 4 Buchanan Street in Merewether listed with George Rafty and Joe Olsen at First National Newcastle City sold at auction for an undisclosed sum understood to be in excess of $4 million.

Mr Rafty could not reveal the sale price however, records show the property fetched $4.35 million.

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The result is one of only four residential properties in Newcastle to top the $4 million mark this year.

4 Buchanan Street in Merewether has fetched more than $4 million at auction. Picture supplied — 4 Buchanan Street in Merewether has fetched more than $4 million at auction. Credit: supplied

“It was an exceptional price from both the owner’s perspective and the buyer’s,” Mr Rafty said.

“I think the top end up of the market has softened a little bit, and apart from the recent $12 million sale on The Hill, there are only three other houses that have achieved more than $4 million this year.

“There haven’t been a lot of high-end sales, so it is an interesting market at the moment.”

Set on a 390 square metre block, the property had undergone an architect-led renovation across its three levels, including a rooftop terrace with an indoor kitchenette and outdoor barbecue kitchen.

The house had a large floorplan, with multiple living areas, a high-end kitchen with a butler’s pantry, and a swimming pool.

Mr Rafty said the property’s position opposite Empire Park and close to Bar Beach also appealed to the buyer.

“The house is 200 metres walk to Bar Beach through Empire Park, it’s across from the tennis courts and close to The Junction and Darby Street,” he said.

“They loved the position and they loved the rooftop terrace.”

The auction drew interest from two buyers however, only one registered bidder took part as a second party was unable to bid on the day.

The bidding opened at $4.2 million and the price was negotiated over the phone before it was eventually sold under auction conditions.

“The buyers only looked at the house on Friday and then it was sold on Saturday,” he said.

“They are from the Riverina area and they bought it as a home they will move into eventually but initially, they will lease it.

“They saw a good opportunity and they have been to Newcastle many times, so the intention was always to come and move here one day.”

It was one of 22 auctions scheduled across Newcastle and Lake Macquarie in the week ending June 30.

CoreLogic’s preliminary results showed the region recorded a clearance rate of 69.2 per cent.

Also in Merewether, a new coastal-inspired build constructed by Newcastle company Pettit Projects, pulled in a significant result at auction.

9 Rose Street in Merewether sold for $2.89 million at auction. Picture supplied — 9 Rose Street in Merewether sold for $2.89 million at auction. Credit: supplied

Listed with Mathew and Brooke Iuliano at Mavis Property Co, the luxury two-storey home at 9 Rose Street comprised five bedrooms, four bathrooms and a swimming pool.

The auction drew two registrations, with the bidding commencing at $2.7 million.

The property was sold for $2.89 million to a family upsizing from another house in Merewether.

CoreLogic records show the property, which originally had a small weatherboard cottage on the block, was last sold in 2022 for $1.125 million.

Mavis Property Co also took a renovated three-bedroom terrace at 23 Parry Street in Cooks Hill to auction.

23 Parry Street in Cooks Hill sold for $1.37 million at auction. Picture supplied — 23 Parry Street in Cooks Hill sold for $1.37 million at auction. Credit: supplied

The auction drew a high level of interest, with nine registrations who started the bidding at $1.2 million.

The property sold under the hammer for $1.37 million, earning the seller a profit of almost $1 million.

CoreLogic records show the house was last sold in 2006 for $424,000.

“We had a lot of interest in both properties during the campaign,” Mr Iuliano said.

“The interest was a little bit narrower in the property at Merewether because it was a more expensive price range.

“If you take a look at other properties in that price range on the market at the moment, a lot of campaigns are getting extended, so to move that in that time frame at that price was a great result.”