Glendale's $1.71 million record has been smashed by the sale of an acreage home at 40 Reservoir Road.
The 1.88 hectare property passed in at auction before one of the three registered bidders negotiated a sale at its $2.4 million guide.
The transaction smashed the $1.71 million sum Newcastle Waldorf School paid for the neighbouring property in September last year, and was just the suburb's second sale of more than $1.3 million.
McGrath Newcastle City's Michael Edwards said the property, which sold to a local buyer, would likely stand as the suburb benchmark for a long time.
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"I'd be really surprised if anything gets close to it just because of the pure size of that property," Mr Edwards said.
"It's almost 19,000 square metres and there's not a lot of those properties around."
Fellow selling agent Sean Redpath said the four-bedroom, three-bathroom home had attracted strong interest from Sydney and Newcastle buyers despite cooling market conditions.
"Quality properties with properly-executed campaigns are still achieving great results," he said.
"The boom market of the last two years has definitely slowed, but quality properties sell well in any market."
The land is zoned C3 Environmental Management, meaning it cannot be subdivided.
However, some non-residential buildings may be permitted on the land.
