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September 16, 2021

$8.7 million Newcastle property sale breaks new record

One of Australia’s grandest homes, a stunning beachfront house in Merewether has sold for $8.7 million and has become the highest selling residential property ever in Newcastle.

A local family has purchased the spectacular 5-bedroom beachside home at 44 Kilgour Avenue, Merewether. It has been sold by PRD Newcastle and Lake Macquarie’s Mark Kentwell, Natalie Tonks and Chasse Ede.

The Heritage-listed Merewether property known as “Barrymore” was built in 1873 and features five bedrooms, four bathrooms and a separate garage building. Set on a 1698 square metre block, the house itself has a floor space of 488 square metres and stands on the cliff with views of the Pacific Ocean and cityscape. According to CoreLogic RP Data, the property was last sold just four years ago for $3.7 million in May 2017.

After purchasing in 2017, the owners enhanced the property with many creature comforts, whilst paying homage to the home’s heritage. Features throughout include marble fireplaces, entertaining rooms, high patterned ceilings, polished floors, leadlight windows, timber windows and doors, beautiful carved staircase, a new kitchen with stone tops and Italian tile floors, telephone room, study, 4 bedrooms, 4 bathrooms, formal lounge and dining rooms, wrap around verandahs with amazing views, an in-ground pool and the addition of a new wine cellar. A renovation was also done to the internal, self-contained apartment within the home, with separate access, providing the 5th bedroom.

“These premium properties are attracting overwhelming interest from Sydney and interstate buyers, but it is always great to see a local family move into such an iconic home with a rich history. Natalie, Chasse & I dealt with a mix of local & Sydney buyers in this negotiation that went over just 5 days,” said Mr Kentwell.

“This sale is significant for Newcastle and the wider Hunter as it shows how robust the city is during times of economic uncertainty,” he added.

It’s a triple consecutive record result for PRD Newcastle and Lake Macquarie who last year in September broke the Newcastle record at the time after selling a $7.25 million property at 38 John Parade Merewether. Just a few months earlier, the agency sold The York Penthouse for $5.45 million – the highest penthouse sale in Newcastle for an existing building. The $7.25 million John Parade sale was also a pre-market introduction.

Mr Kentwell said the prospective buyers came direct from PRD’s database that has been built over years during other premium property campaigns.

“Many of those on our database have been looking for years for a beach side or beach view residence, and it’s our pre-market campaigns which really are the key to our success for our clients in selling these premium properties.”

“The last record threshold of $7 million took over 12 years to surpass. This record took under 12 months to surpass. It’s clear now that Newcastle is no longer a well-kept secret. The strong and diverse employment base, amazing lifestyle and property performance is proving Newcastle is gaining momentum, especially since COVID has become a part of life. People from capital cities are rethinking where they will reside, even if they keep their city-based careers. With a recently upgraded airport, light rail and heavy rail network, plus the John Hunter Hospital and University redevelopments, Newcastle is the ideal choice,” said Mr Kentwell.

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