Mayfield’s Carrington Street has had its first million-dollar sale and Mark Dowling, of MDRE, expects plenty more to follow as the suburb becomes more attractive to buyers.
Mr Dowling sold 47 Carrington Street for an undisclosed sum over $1 million on February 24. It was scheduled for auction on March 7.
The four-bedroom home on 809 square metres had been stylishly renovated.
A stand-out feature was the polished concrete island bench, 4.2 metres long and 1.2m high and built on site.
“I do think we’re going to see more million-dollar sales in Mayfield over the next 12 months,” Mr Dowling said. “It’s starting to slowly get there.
“About three years ago, in the suburb I calculated about eight homes that if they hit the market would probably come to around $1 million or more. Now I reckon it’s probably getting close to 40.
“Probably in Carrington Street alone, there would be four that today would sell for over $1 million, I believe.”
Mr Dowling said as trendy cafes and businesses move into Mayfield and more people begin to realise features the suburb offers, such as easy access to the harbour and city, prices will continue to rise.
“Mayfield used to be a place where you’d start off as a young couple – a two-bedroom home, no kids, going back 15 years ago,” he said.
“Then you’d probably move on to Lambton or Kotara or Adamstown or somewhere like that, whereas now we are finding that people want to stay in Mayfield.”
Read more: Lume set to take shape at Honeysuckle
The only sale over $1 million in Mayfield last year, according to Australian Property Monitors, was for a block of four units in Gamack Street, which sold for $1.02 million.
The suburb’s median sale price for 2017 was $570,000 for 189 sales, improving from $485,000 the previous year for 209 sales, with growth of 17.5 per cent.
Read more: Islington’s popularity continues to grow
A contemporary five-bedroom home in Crebert Street sold for $1.1 million in 2016.
The Carrington Street sale was not the only big result recorded in the suburb in the past week.
Scott Ferris of One Agency Ferris Properties sold a home in Avon Street, for $970,000, and Dalton Partners’ Scott Purnell and Joanna Cook sold a circa 1890s home in Hanbury Street for $865,000. All three properties set new street sale records.
Read more: Homes of the Hunter | Tighes Hill
Meanwhile, some other million-dollar sales have been recorded around town.
First National Newcastle City sold a five-bedroom home on Darby Street in Cooks Hill for $1.040 million directly after its auction and a three-bedroom townhouse in the same suburb’s Railway Street for $1.33 million prior to auction. At auction last Saturday, they sold a house which was almost dilapidated in Adamstown’s Ella Street for $1.005 million.
Read more: Big prospect for Garden Suburb