House sells for $1.6million in Adamstown Heights

Less than a week after sales data released by the state government showed property prices in the postcode of 2289 were increasing quicker than in any other in the region, a new ceiling of $1.6million was set in Adamstown Heights.

Cveta Kolarovski, of Robinson Property, sold 15 Muriel Street on Monday for the new suburb record, according to data from PriceFinder.

The new mark broke her previous residential record for Adamstown Heights of $1.57million for the sale of 16 Elton Close in October 2015. It eclipsed $1.43million, which Ms Kolarovski sold the same property for six months earlier.

She has been selling property in 2289 – Adamstown, Adamstown Heights, Garden Suburb, Highfields and Kotara – since 2011 and believes a $2million sale in the not-too-distant future is not out of the question.

“I’m very passionate about this area. I live here, I know what the benefits of living here are, and I’m not going anywhere.” Ms Kolarovski said.

“There are a lot of families moving into the area, they’re do their research. They’re looking at schools and Westfield, which is probably your best shopping centre in Newcastle. They’re looking at proximity as well.

“For a lot of out of town buyers, what’s seven to 10 minutes drive to the beach or work. To them that’s a dream.”

Sales data released by the state government on September 12 showed prices in 2289 had risen by a region high of 23.7 per cent in the year until March.

“I’ve had a lot of resistance from the market, saying ‘It’s not Merewether’, but it holds its own,” Ms Kolarovski said.

“It’s predominantly family, it’s predominantly owner-occupier. You don’t get many investments here and when you do get rentals, in my experience, they’re people holding on to it to move here.”

Jamie and Michelle Edenborough bought the property at auction three years ago for $545,000.

Mr Edenborough, who is a builder and owns family business National Strategic Constructions, knocked down the original house and spared no expense in rebuilding a five-bedroom, three-bathroom home.

Cveta Kolarovski

Cveta Kolarovski

He said he was “pushed” more than he wanted when buying at auction but at the time “it wasn’t like a bargain”.

“As funny as it might sound, our intention was never to sell,” Mr Edenborough said. “We came from a block which was 375sqm with two kids, two dogs to this 700sqm block and that was going to be us.

“As it turns out for the same reasons we bought there, that’s why people want to be there and it just turned out it was a really good move.”

The home was sold through private treaty to a local couple.