A HOME in a prized pocket of Merewether sold under the hammer for more than $2 million on Saturday.
The result was one of the highlights of auction activity across Newcastle and Lake Macquarie over the weekend.
There were 30 auctions across Newcastle and Lake Macquarie in the week ending April 23, according to CoreLogic.
Auctions across the region recorded a clearance rate of 63.6 per cent, down from 72.7 per cent the week prior.
The sale of the three-bedroom, one-bathroom home at 54 Caldwell Street, Merewether on-site on Saturday attracted plenty of interest from onlookers despite the rainy conditions on the day.
Listing agent Mike Flook from Robinson Property was guiding $2.2 million for the auction and after an opening bid of $2 million, the property sold under the hammer for $2.35 million.
"We had six registered bidders and interest across the board from developers and people looking at retaining the home," Mr Flook said.
"We had an opening bid of $2 million which was a good, solid opening bid and then it rose from there.
"Of the six registered bidders, four were partaking in the bidding and it was sold to a local business couple who will likely hold on to it for a while and then develop the site."
Mr Flook said the property's large block size of 778 square metres was a drawcard for buyers as was the location.
"It's always been my favourite street, it's very low traffic, this block was north-facing and just offered an ideal position," he said.
A two-bedroom home in a prized part of Warners Bay attracted a huge result at auction on Saturday, with the property selling $345,000 above its reserve.
Also in Lake Macquarie, a renovated four-bedroom, three-bathroom home on 620 square metres at 13 Crown Street, Belmont sold for $1,225,000.
The auction attracted two registered bidders who opened bidding at $1.12 million.
"On the day we had a bidder turn up who had never seen it before turn up and buy it under the hammer," Harcourts listing agent Joshua Lloyd said.
"It started at $1.12 million and moved quickly to $1.2 million before it moved very slowly in $5000 increments to $1.225 million."
The property was sold to a local buyer.
"It was a local buyer who had sold in Charlestown about 12 months ago, so luckily they were in a position where they didn't need finance to be approved before they bid," the agent said.
"It was a beautiful home. It had been fully renovated over the last five and they are going to move on and renovate another couple of properties."
Also in the Belmont area, a three-bedroom, one-bathroom home at 200 Wommara Avenue, Belmont North went to auction on Saturday.
Selling agent George Rafty of First National Newcastle City guided $630,000 to $690,000 for the property which was set on 759 square metres and offered ocean views.
The auction had three registered bidders, including two from the local area and one from Canberra who successfully purchased the property.
It went on to sell under the hammer for $715,000 after an opening bid of $500,000.
"The block of land was about 760 square metres so certainly the block was the most valuable bit because the home needed plenty of work," auctioneer Gavan Reynolds said.
In Mayfield, a two-bedroom, one-bathroom villa in a complex of three at 1/55 Barton Street sold under the hammer for $530,000 with four registered bidders on-site at the auction on Saturday.
The sale exceeded the reserve price by $50,000, according to Ray White Newcastle and Lake Macquarie listing agent Shaun Elms.
"It was $50,000 above reserve so it was a good result,"
"The feedback prior to the auction was $480,000 to $500,000 and once it went beyond the reserve two of the bidders started pushing each other quite hard."
Mr Elms said the result indicates that property prices are showing signs of stabalising.
"Stock levels are still quite low so I think that while that's the case prices will continue to hold where they are because there's not a lot to choose from at the moment so buyers who are, are showing good strong interest," he said.
The villa was sold to a Sydney buyer who plans to lease the property before eventually moving in.
According to CoreLogic, auction volumes across the combined capital cities decreased 19.3 per cent to 1,432 this week largely due to the 'unofficial long weekend' with Anzac Day falling on Tuesday but also an early indication of the seasonal trend towards an easing in auction activity after the pre-Easter highs.
While the number of auctions is down from last week, the volume is down 27 per cent lower than this time last year (1,819) and 20.5 per cent below the weekly average over the year-to-date from January 29 (1,725).
The number of auctions is set to rise again this week with just over 1,800 homes currently set for auction across the combined capital cities.
At the time of publication, there were 28 auctions scheduled to take place across Newcastle and Lake Macquarie this week.
