PHOTO: A very rare, lakefront block big enough to build a small town on, has set a new real estate record for the Hunter Region.
A very rare, lakefront block of substantial size has set a new real estate record for the Hunter Region.
A Lake Macquarie property record was achieved last week via the $10.5 million sale of 160 Kanangra Drive, Gwandalan at onsite auction, underscoring the high value with which buyers continue to regard lifestyle holdings in regional NSW.
The glorious 12.5 hectare property was brought to market by Mitchell Thomas from McGrath Toukley.
160 Kanangra Drive, Gwandalan, NSW 2259
The auction opened with an initial bid of $5m before moving up to the impressive sale price in bidding increments of mostly $250,000.
There were three active bidders vying for the Hunter Region site – a local retired couple and two business-owning families from Sydney.
The successful buyers were an extended family headed by two brothers who own a tyre business based in Sydney. They plan to build a new holiday home on the site, large enough to accommodate their families for regular visits.
The big site set a new Lake Macquarie record of $10.5m.
‘Bidding was strong from the start.’
The property comes with DA approved plans for a house, a pool and sheds. The buyers are set to amend those plans to suit the needs of their families.
“The price for this unique opportunity was always going to be set via public auction,” Mr Thomas said.
“The sale price reflects a true representation of value within the current market. It sets the benchmark for any future sales.
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