A home in Georgetown set on a large, level double block with two separate titles has set a new record for Moate Street.
The three-bedroom brick and terracotta tile residence built circa 1930 was on 733 square metres in one of the suburb’s most popular streets.
The home was marketed by Scott Browne of Ray White Newcastle and Lake Macquarie and sold at auction for $961,000 last Saturday.
According to Australian Property Monitors, the suburb experienced growth of 22.4 per cent last year with the median sale price of $531,000 for 48 sales in 2016 rising to $650,000 for 39 sales in 2017.
The home at 44 Moate Street attracted plenty of interest throughout the three-week campaign.
The previous highest sale in the street was $750,000 in 2015 and there was a $725,000 sale last year.
“We probably achieved a little bit more than what we expected due to the unique [nature of the property],” Mr Browne said.
“The appeal with this property in particular was the fact that it was on a double/two-titled block, so the land size was appealing to developers and home owners alike just wanting a big backyard for an inner city home.”
Mr Browne said it was the second highest price paid for a residential home in Georgetown's history.
“Georgetown's popularity has really picked up in the last 18 months due to the fact I think that for an inner city suburb it's affordable, offers old world charm in the Federation/Californian Bungalow homes’ architecture and the revitalisation of Newcastle City is also a big drawcard,” he said.
The buyer was a local business owner who plans to live there.
In other sales around the region in the past week, a two-bedroom, second floor apartment on Bar Beach’s Memorial Drive sold for $665,000.
A two-bedroom home on just over 400 square metres in Woodlands Avenue, New Lambton sold for $682,000.
A three-bedroom duplex in Geraldton Drive, Redhead sold for $950,000 while a renovated three-bedroom cottage in Wickham’s Robert Street sold for $770,000.
A two-bedroom home on over 450 square metres in Cardiff’s Veronica Street sold for $490,000.