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Sunday, July 25, 2021

REAL ESTATE: New Lambton home sells “well above expectations”

A simple three bedroom, one bathroom home in New Lambton has set a new benchmark for Newcastle’s Borrelli Quirk Real Estate, selling for more than $180,000 over reserve.

The 711 sq/m home on Aldyth Street was sold at auction a fortnight ago for a price agent Bill Quirk says was “well above expectations”.

Built in 1953 the home had remained in the same Italian migrant family for almost 65 years.

After attracting unprecedented attention online prior to auction, the property sold in less than 20 minutes.

“We had all cannons firing for us and our data indicators tell us that the property had 30,666 hits across our websites,” Mr Quirk said.

“We knew it would generate quite a bit of interest. 

“It’s in a tightly held and sought after location, it’s a deep level garden block, an elevated site and it’s got extensive views east over the city to the ocean horizon. 

“It looks pretty magical in the evening, picking up all the city lights.

“And it’s near Blackbutt Village which is a Newcastle suburb that has seen exponential growth in recent years.”

Mr Quirk says the home was open for viewing each Saturday for four weeks prior to auction.

“We saw at least 70 to 80 people come through each Saturday,” he said.

“On auction day we had in excess of 120 people, all standing in the front yard.”

It took 18 registered bidders 18 minutes to reach the final successful bid that was won by $100.

“Our auctioneer Gavin Reynolds once again did a fantastic job,” Mr Quirk said.

“He always works the room and gets the best price in the end, and he didn’t disappoint.”

The new owners of the property are local buyers, living within the area.

“Much of the general conversation amongst the buyers was whether to knock it down and rebuild or undertake an extensive renovation project.

“What the owners have planned remains to be seen,” Mr Quirk said.

“I think for now they’re just getting used to the idea that it’s theirs.”

Mr Quirk has worked within the industry for more than 40 years, completing his real estate studies in 1972.

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