Auction action: Up to 28 registered bidders expected for Valentine property

George Rafty, of First National Newcastle City, told the Newcastle Herald the two-storey home in original 1980s condition at 20 Regal Way had been inspected by 183 people in a three-week period.

The four-bedroom home is on a 623 square metre block and is set to go under the hammer at 9am with a guide of $550,000 to $600,000.

"In 28 years of real estate, I've never had more than 15 registered at an auction," Mr Rafty said. "We're in a busy market, one of the busiest markets we've been in and you've got a lot people in the market looking to buy between $500,000 and $900,000.

"Once you sell those people's homes, they're then stepping up into a different market and it keeps going like a domino effect. We're seeing all aspects of the market busy, from $500,000 to $7 million."

The Valentine property was launched to market on November 11 with a guide of $500,000 to $550,000.

"After day one, the market indicated it was worth more than $500,000 to $550,000, so we took it into that next 10 per cent bracket," Mr Rafty said. "In three weeks of marketing, we've had 212 inspections. Some of those have been back for their second and third look. It will be first home buyers. It will be people who want to renovate to make it their family home. The owner-occupier market is looking at this closely."

Interest has been a mix of local and out-of-town buyers.

"We're seeing a lot more Sydney people," Mr Rafty said. "Forty per cent of our enquiry is Sydney-based across the board. We're seeing a lot of out-of-town enquiry in general, considering Newcastle as the place that they all want to live.

"Interest rates are at an all-time low, through COVID people have realised they can work from home, and there's confidence in the city."

The Herald reported on Wednesday that property prices in Newcastle and Lake Macquarie were up 3.9 per cent in the past three months and 8.4 per cent in the past year. Last month, the CoreLogic Regional Market Update showed days on market were dropping in the region.

Meanwhile, Bolton Point has become the latest suburb to raise its roof with Cveta Property's $2.675 million sale of a waterfront home at 16 Wattle Street.

Other record suburb sales this year have come in Adamstown, Bar Beach, Belmont, New Lambton, Lambton, Warners Bay, Speers Point, Murrays Beach, Eraring, Wyee Point, Cardiff Heights, Islington, Elermore Vale, Merewether, Tighes Hill, Mayfield, Dudley and Eleebana.

Currently on the market are properties expected to break new ground for Whitebridge, Floraville and Cams Wharf.

Related content:

For faster access to the latest Newcastle news download our NEWCASTLE HERALD APP and sign up for breaking news, sport and what's on sent directly to your email