Blog

November 20, 2017

Article from Lake Mac Today - Property Prices Strong In Warners Bay

Newcastle/Lake Macquarie’s newest real estate team, Andrew and Renee McKiernan (McKiernan Real Estate) staged their first auction on Saturday at Warners Bay.

After just four weeks in their new property partnership the family team was delighted when auctioneer Gavan Reynolds dropped the hammer down on 79 Yorston Street for $790,000, well above the expected return for the 2 Bedroom house with a 1,000sqm yard.

“The house was listed at $680,000 to $740,000, but the competition among bidders was strong. We had nine registered bidders among the gathering of around 60 people. A local family purchased the property and the owners were more than happy with the sale price.”

A young couple kickstarted the auction at $600,000 before bidding rose in $10,000 lots to $640,00 and auctioneer Reynolds called first, second and final bids before a new bidder came in at $650,000.

As the price rose into the seven hundreds a newcomer entered the market, the final buyer, a lady on the balcony who eventually purchased the property after spirited bidding against a gentleman who offered staunch resistance.

The $790,000 sale price shows the continued strong upward trend in the Lake Macquarie property market. One disappointed potential buyer walked away saying: “That’s nearly reaching Sydney market prices.”

Please visit www.lakemactoday.com.au for other great articles on Lake Macquarie.