There were seven registered bidders for what Robinson Property's Ben Robinson described as "a great auction" which resulted in a new price high for Merewether's Fellowes Street, according to Australian Property Monitors data.
Mr Robinson marketed a renovated residence on a block nearly 700 square metres in size at 10 Fellowes Street and took it to auction on site on April
It attracted local and Sydney buyers, who were returning to Newcastle, and sold under the hammer for $1.311 million. The home had a reserve of $1.25 million.
Mr Robinson identified a few key reasons for the good result, which was the first time a property in Fellowes Street had broken the million-dollar mark.
He said the home had plenty of character, being built in the 1920s and still retaining period features such as ornate ceilings, picture rails and leadlight work while being stylishly renovated to accommodate modern family living.
It had four bedrooms, including a master suite, and large open plan kitchen and living with vaulted ceilings that opened on to a covered entertaining area and a sizeable yard. There was side driveway access to a double lock-up garage and it was located close to Henderson Park.
On Saturday, John Kerr, of Dalton Partners, will take a block of three two-bedroom units to auction at 73 Patrick Street in Merewether with a guide of $1.5 million.
The on-site auction is scheduled for 10.30am
Mr Kerr said it offered the opportunity to knock down and rebuild or investment potential and would be suitable for multiple units, a duplex or a dream Merewether home, subject to council approval.
It is positioned within walking distance to Merewether, Bar Beach and Dixon Park beaches.
"It would appeal to investors seeking a triple income return or developers searching for a prime parcel with a wide frontage," Mr Kerr said.