The property market has cooled but buyers are still shelling out big prices across Newcastle.
A three-bedroom house with a detached self-contained studio and garage in Broadmeadow has set a new suburb record for residential property sales.
The house at 39 Teralba Road sold for $1.33 million with listing agent Andrew Smaus from McGrath New Lambton after four weeks on the market.
"Suburb records are still getting hit even though the market is not as crazy as it was 12 months ago," Mr Smaus said.
The suburb record was previously set earlier this year when a five-bedroom home at 137 Darling Street sold for $1,315,000 in February.
The Teralba Street property features a brick 1920s three-bedroom home at the front of the 1,233 square metre block and a warehouse (that once operated as a broom factory) that has been converted into a studio and garage at the back with rear lane access.
The two residences are separated by a fence and gate.
Mr Smaus said the buyer was an investor who planned to live in the converted garage and lease the three-bedroom home.
One of the key features of the renovated home that appealed to buyers was the addition of an extension comprising a large modern kitchen with bi-fold windows that open out to an outdoor timber deck.
The agent said Broadmeadow presented an affordable option in a popular area that is close to the city.
"Broadmeadow definitely doesn't have the Adamstown price tag or Hamilton price tag, so it does offer good value," Mr Smaus said.
"You are right next to Hamilton and Adamstown where properties sell well above that price all the time."
The median house price in Broadmeadow is $1.06 million.
