A sprawling 12.5-hectare lakefront property in Gwandalan has set a new real estate record for the Hunter Region, selling for $10.5 million at auction. The sale, which took place last week, surpassed the previous record by $4.5 million.
The property at 160 Kanangra Drive features 285 metres of water frontage on Lake Macquarie, including a sandy beach and a northerly aspect. It is located 90 minutes from the Sydney CBD and 15 minutes from Catherine Hill Bay surf beach.
Three active bidders competed for the site: a local retired couple and two business-owning families from Sydney. The winning buyers are an extended family headed by two brothers who own a Sydney-based tyre business. They plan to build a holiday home large enough for their families.
The property comes with development approval for a house, pool, and sheds, which the buyers intend to amend. Auctioneer Mitchell Thomas of McGrath Toukley noted that bidding was strong from the start, with the auction opening at $5 million and rising in increments of mostly $250,000.
Thomas stated that the sale price reflects true market value and sets a benchmark for future sales. The previous record of $6 million was set in October last year for a 2.73-hectare property in Eraring.
