Real estate in Merewether has been reaching new ceilings for the past couple of years in terms of growth and the trend shows no signs of slowing down.
According to Australian Property Monitors, Merewether recorded growth of around 20 per cent for each of the past two years and the suburb’s median sale price rose to $1.38 million in 2017.
A home in exclusive Hickson Street, with sweeping city and ocean views, was secured last week prior to auction for $3.15 million.
It is the second highest sale for the street. The highest was $3.5 million 12 months ago.
PRDnationwide’s Jesse Wilton marketed the property at 46 Hickson Street with Mark Kentwell and said “strong interest came from local and out of town”.
The eventual buyer of the five-bedroom, four-bathroom residence was from Newcastle originally and is returning to the area after time away.
The home had sold for $2.9 million in June last year.
The first million-dollar sale in Faul Street, Adamstown Heights is indicative of the increased popularity in the eastern side of the Pacific Highway, according to marketing agents Scott Purnell and Joanna Cook of Dalton Partners.
The four-bedroom home at 6 Faul Street on a 765 square metre block sold for $1.15 million.
A three-bedroom home in Hamilton’s Everton Street was secured prior to auction for $990,000.
An out-of-town buyer secured a renovated four-bedroom home in Stockton’s Roxburgh Street prior to auction for $1.1 million.
Sales in other suburbs included ones in Cardiff’s Lowry Street ($465,000), Mount Hutton’s Crawford Lane ($666,000), Charlestown’s Hallvert Crescent ($556,000), Redhead’s Cowlishaw Street ($760,000) and Carrington’s Bourke Street ($920,000).