A dilapidated three-bedroom weatherboard cottage at 8 Margaret Street, Tighes Hill, has sold under the hammer for $960,000 after a competitive auction featuring 20 bids. The property, which had been held by the same family for over 90 years, attracted five registered bidders despite its run-down condition.
Emotional Sale for Longtime Owners
Listing agent Jesse Wilton of Wilton Lemke Stewart described the sale as emotional for the vendors. “It had been in the family for three generations,” Mr Wilton said. “The current owner, who is 93, it was his parents’ property, but the grandchildren are now selling on his behalf. He grew up in the home, so it was a bit of an emotional sale.”
Inside, the house retained its original kitchen and bathroom, along with period features such as a fireplace, dado boards, and high ceilings. While the untouched condition deterred some buyers, others saw an opportunity to enter a tightly held suburb. “People liked the fact it would get them into the area,” Mr Wilton noted.
Renovation Costs a Concern
Mr Wilton acknowledged that the property required significant work. “The house was OK structurally, but it needed a lot of work. It had been lived in but hadn’t had much love. Everyone thought it would be a minimum of $250,000 to renovate it. It needed an excessive amount of work – it’s a budget blower.”
Initially listed with an $800,000 guide, the price was adjusted after a pre-auction offer of $905,000. “We had a guide of $800,000 and then a buyer offered pre-auction at $905,000,” he said. “Because of the circumstances and how emotional it was for the sellers, we lifted the guide to sit in line with that offer.” The auction opened at $800,000, with three of the five registered bidders actively competing. The property, set on a 316-square-metre block, eventually sold to a first-home buyer. “We had a first home buyer, a young family, and a young couple bidding on it, and it went to the first home buyer,” Mr Wilton added.
Other Notable Auction Results
In The Hill, a three-bedroom, two-bathroom house in the gated Regency Park estate at 44/1 Queen Street sold for $2 million after bidding opened at $1.8 million. David Caldwell of Wilton Lemke Stewart managed the sale, which attracted three registered bidders. Cotality records show it last sold in 2022 for $530,000.
At 193 Kings Road, New Lambton, a three-bedroom house in original condition on a 913-square-metre block sold for $1.16 million, exceeding its $900,000 guide. The auction drew four registered bidders, with bidding starting at $855,000 and climbing through 22 bids.
In Carrington, a renovated three-bedroom workers’ cottage at 8 Mathieson Street sold for $940,000 after an opening bid of $820,000. Four active parties pushed the price, with the property previously sold in 2017 for $530,000.
At 19 Holt Street, Mayfield East, a renovated two-bedroom cottage on 202 square metres sold for $931,000, up from its 2022 sale price of $765,000. In Mayfield, an updated three-bedroom house at 11 Waratah Street, guided at $900,000 to $990,000, sold for $1.027 million. Both auctions had only one registered bidder.
Earlier in the week, a renovated three-bedroom house at 9 Woodlands Avenue, New Lambton, guided at $1.2 million, sold for $1.275 million. Six parties registered, and bidding started at $1.15 million. The property last sold in 2017 for $652,000.
In Merewether, an architecturally designed townhouse at 1/7 Moola Place sold for $1.41 million, with bidding opening at $1.235 million. Three registered bidders competed for the 2021-built home.
According to Cotality’s preliminary results, Newcastle and Lake Macquarie recorded an auction clearance rate of 65.4 per cent in the week ending May 24.
