TWO sales in Lake Macquarie drew astonishing results at auction on the weekend.
A three-bedroom home in Pelican was one of two successful auctions held by Troy McLennan and Ty Zink, from The Boys Ray White East Lake Macquarie, on Sunday.
The 730 square metre property at 13 Cabbage Tree Palm Crescent was sold as a deceased estate after undergoing a renovation.
Mr McLennan said the property had been held by the same family for many years and was last sold in 2003 for $347,000, according to CoreLogic.
Despite not offering a lake view, the single-level home drew a huge level of interest from buyers, with 50 groups through the home during the campaign and 11 registered bidders at the auction.
"This property started at $800,000 and it sold for $1.2 million which was $250,000 over the reserve," Mr McLennan said.
"It turned out there were two people who really, really wanted this property."
Mr McLennan said the modest brick and tile home drew pre-auction offers of $900,000, however, the resulting sale smashed their expectations after a 15 minute auction.
Four of the registered parties were active in the bidding which commenced at $800,000 and climbed to $1 million "within seconds".
"That knocked a lot of people out and it was really a two-horse race from there," he said.
"The pre-auctions offers were at $900,000 and we set the reserve at $950,000 so to transact the property at $1.2 million was exciting to see."
Mr McLennan said the buyer was a downsizer from Blacksmiths.
The median house value in Pelican is $897,000, according to CoreLogic.
There was surprising outcome at the auction of a 100-year-old cottage with elevated and uninterrupted lake views at 133 Marks Point Road, also listed with Mr McLennan and Mr Zink.
The two-bedroom property, set on a 786 square metre block, had pre-market offers of $900,000 and $950,000, however, the eventual sale price blitzed those expectations.
There were seven registered bidders at the auction which started with an opening bid of $900,000.
"It climbed from the entry bid to $1.2 million and stalled," he said.
"We went into negotiation with the soon-to-be purchaser who we knew owned the property in front so from start to finish after about 40 minutes we got there."
It went on to sell for an undisclosed sum that was understood to be more than double their expectations, according to Mr McLennan.
The agent said the buyer planned to renovate the cottage.
The median house value in Marks Point is $855,000, according to CoreLogic.
There were 35 auctions scheduled across Newcastle and Lake Macquarie in the week ending December 3.
According to CoreLogic's preliminary results, the region's auctions recorded a clearance rate of 65 per cent, up from 61.7 per cent the previous week.
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