A WATERFRONT home dating back to the early 1900s in Toronto is set to be retained after selling at auction for a huge sum.
The double block at 20 - 22 Renwick Street sold under the hammer for $3.52 million with Kate Rundle at Walkom Real Estate on Saturday.
The sale achieved the second-most expensive price for a residential property in the suburb and it was the first time it had been listed in 50 years.
Two parties competed to secure the property including a buyer from Newcastle and a family from Tamworth.
The auction began with an opening bid of $2.8 million and was won by the buyer from Tamworth who plans to renovate the four-bedroom home.
"The buyers sold their farm in Tamworth and they're going to renovate this home," Ms Rundle said.
"They are used to living on land and having space around them so they liked this because they wanted a view and it has land."
Set on 3191 square metres, the property is one of the largest residential waterfront blocks in Toronto.
Ms Rundle said the property drew strong enquiry throughout the campaign, with many buyers looking at it based on land value as a knockdown rebuild because the home required an extensive renovation.
"It won't be knocked down," she said.
"We had a lot of people who thought it was just land and they didn't have the energy for a renovation, so they were the right people to buy it.
"It was a deceased estate and the family that are selling it are very pleased that it's not going to be demolished."
The top price for a waterfront home in the suburb came in March 2022 with the $4.7 million sale of a modern four-bedroom house at 149 Brighton Avenue.
Other significant waterfront sales include a four-bedroom home on 3526 square metres at 3 Brighton Avenue that sold for $3,075,000 in 2020 and a three-bedroom unit at 4/2 Wharf Road that sold for $3.155 million in 2021.
The four-bedroom, three-bathroom home was believed to have been constructed as the lakeside getaway for the Arnott family who created the iconic Australian biscuit brand, Arnott's.
Original period features included high ceilings, timber floors and a fireplace, and the home was surrounded by established gardens.
The property's panoramic north-east lake outlook took in views from Belmont to Bolton Point.
It capped off a big week of auctions across Newcastle and Lake Macquarie in the week ending November 26.
There were 46 auctions scheduled in the region last week.
According to CoreLogic's preliminary results, the region's auctions recorded a clearance rate of 61.5 per cent, down from 70.4 per cent the previous week.
In Mayfield, a three-bedroom home with period features at 22 Carrington Street listed with Dowling Property Group Mayfield sold well above its guide of $865,000 to $895,000.
Five registered bidders were in the running who started the auction at $850,000 and took it through to a sale price of $1.1 million.
In Hamilton, a penthouse-level apartment spanning 207 square metres at 11/86-90 Tudor Street sold with Shiels and Co Property.
The three registered bidders started the bidding low at $800,000 before it quickly climbed above the $1 million mark and sold under the hammer for $1.13 million.
Also in Hamilton, a renovated four-bedroom home with period features at 7 Percy Street listed with LaneCampos Property sold for $1.466 million.
The auction drew seven registered parties who started the bidding at the $1.275 million guide.
Two registered bidders competed for a three-bedroom home at 20 Annie Street listed with Spillane Property.
Built in circa 1915 and listed with a guide of $890,000 to $950,000, the renovated property sold for $990,000.
One of the biggest auction results of the weekend was the listing of a modern four-bedroom home built in 2020 at 7 Carrington Parade in New Lambton.
Also listed with Spillane Property, the auction drew two registered bidders who opened with a bid of $1.8 million before it sold for $1.92 million.
In Lake Macquarie, a four-bedroom home at 23 Alpha Close in Eleebana listed with an auction guide of $1,050,000 with Salt Property drew three registered bidders and sold for $1.2 million.
There was a big auction result in Swansea at Ray White Swansea's listing of a four-bedroom home with a self-contained flat on 720 square metres at 3 Kahibah Street.
The bidding began at $1.4 million, which was slightly above the auction guide of $1.395 million, and sold under the hammer for $1.5 million.
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