Ultra-modern Merewether new build sells for $2.787 million

After a series of strategic bis, one party successfully secured the home when the bidding fell from increments of $50,000 to just $1,000 in the end.

"It came down to the last bid which was just a $1,000 difference," PRD Presence listing agent Katie Kepner said.

"That's a hard thing. You know, only one person can walk away with it and they both tried so hard."

The four-bedroom, four-bathroom home at 168 Morgan Street was completed eight months ago and had a pavilion-style design with two separate wings and a swimming pool.

We spoke with the agent about the auction and the result:

The property: A four-bedroom, four-bathroom home on 600 square metres designed by Newcastle architect firm, Space Design Architecture, and built by Guess Developments from materials that offered thermal, acoustic and sustainability benefits. The home encompassed two pavilions, including a children's wing with three bedrooms and two bathrooms, and a master suite on the top level with a walk-in robe and ensuite. Other features included a large picture window, a minimalist zen garden and a light-filled living room, an open-plan dining area, a butler's pantry and an expansive chef's kitchen.

The result: The property sold for $2,787,000.

What made this property special? It was brand new and only eight months old. The design was flawless. The concept for the house really started with the material that they wanted to use to build which they had seen on an episode of Grand Designs. The material is structural insulated panels which they wanted to use because it has great thermal, acoustic and sustainability properties. The entire house is made out of these panels which can block out 90 per cent of the noise on the outside and even noise inside the house. There are two wings and there is no noise transferring between the wings.

How many registered bidders? We had two registered parties.

Where were the buyers from? Both of the registered bidders were from the Newcastle area.

Can you set the scene at the auction? We held the auction on-site in this really beautiful walkway between the two wings. We had two groups who were really excited about the property, both local families, who really wanted to take advantage of that really great build designed with the children's wing and the separation with the master suite up on the top of the other wing.

How did the auction unfold? The bidding tried to start at $2.4 million but the auctioneer said that was a little too cheeky, so he called them to start a little bit higher than that. It ended up starting at $2.5 million and we had $50,000 increments until it went up around $100,000 or $200,000. From there, they started making smaller bids as we got a little bit closer to the mark. Bidding was very consistent and you could tell from the flow that it was very thoughtful bidding from both parties. They both really wanted it but were really thinking about placing strategic bids. It was around 20 bids in total.

Was the result a surprise? It wasn't a surprise because the house was worth it. It was done so incredibly. A couple of comparables on either side of the home suggested to me that that's really what it was worth.

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