A Waratah West home has fetched nearly $140,000 more than what it previously sold for less than 12 months prior.
The three-bedroom home at 31 Parkhill Parade, Waratah West sold for $807,000 at auction on Saturday.
The property previously sold for $670,000 in November 2023, according to CoreLogic.
Saturday's auction attracted 12 registered bidders, with five people actively placing bids.
The selling agents were Patrick Skinner and Donna Spillane of Spillane Property.
Mr Skinner said drawing 12 registered bidders was well above average in the current market.
"We average around five in this market; on the past weekend we had an average of six-and-a-half registered bidders," he said.
Mr Skinner said the strong interest in the home was likely due to the relative affordability of the property for the location.
"It was at an attractive price-point for that area, [and] there is a lack of stock of properties of that price-point in the current market," Mr Skinner said.
Regarding the tidy profit made on the sale, Mr Skinner said the seller had made updates including adding a kitchen island bench, putting up a wall to make a third bedroom in the living area, and undertaken paint touch-ups throughout the house.
According to CoreLogic, the median value ofhomes in Waratah West is $836,000, having risen by 6.5 per cent in the past 12 months.
Mr Skinner said the home was popular among first home buyers, investors, a few people moving from out of town, and buyers looking to move back to Newcastle.
Throughout the auction 23 bids were placed, with an opening bid of $660,000.
Bidding went up in lots of $10,000 before switching to $1000, $2000 and $5000 lots around the $775,000 mark.
The successful bidders were a young local family.
"They were very excited to be moving in," Mr Skinner said.
Built in the 1960s, according to CoreLogic, the home, sitting on a 556 square metre block, features an open-plan kitchen and dining area, and a covered courtyard area out the back.
The home also has a dedicated study or office space off the garage.
Mr Skinner said the home was move-in ready, but there was still room to add some improvements.
"You could do some renovation work yourself," he said.
