Islington sale indicative of growth in suburb's real estate

Two sales in the past week indicate Islington is on the move.

Tony Gough, of Ray White Newcastle and Lake Macquarie, marketed a renovated two-bedroom home on 117.3 square metres which lasted just two weeks before being secured by an interstate buyer for $670,000.

Mr Gough described the renovation in Chinchen Street as “to a very nice standard” and rated the suburb as part of an inner city “loop” he expected to increase in popularity.

The dual-level home was part of a double renovation. The residence next door, transformed to the same standard, sold for $537,000 in May last year. It was also two bedrooms with one bathroom.

Overall, the suburb experienced growth of 22.5 per cent last year, according to Australian Property Monitors. The median sale price rose from $558,000 for 37 sales in 2016 to $683,750 for 40 sales last year.

“That loop around the harbour, in no order, but Carrington, Tighes Hill, Maryville, Wickham and Islington, people just want to be there,” Mr Gough said.

“It’s flat, you can cycle. You’ve only got to cross Hannell Street then you’re on the foreshore all the way into the beach. It’s about location and it is becoming more attractive.”

It is a sentiment echoed by Century 21 Novocastrian’s Chad Dunn, who had a strong result at auction in Islington Street.

A two-bedroom home known as “Cactus Cottage” on a small block had a price guide of $470,000 and​ sold for $578,000.

There were nine registered bidders with a couple of “professional flippers” from Sydney securing the property.

”The auction itself went for a good 45 minutes,” Mr Dunn said. “That end result was huge. It genuinely wasn’t under quoting, we had comparable sales for that. It just goes to show that the suburb was hot.”