The rush to buy property in Charlestown East showed no signs of abating on Saturday morning when a modest three bedroom cladded home at 38 James Street sold $12,000 above the reserve price for $672,000.

Around 30 people gathered at the front of the leafy home next to a large vacant block to participate in the auction being conducted by Luke Jones (Gavan Reynolds Auctioneers), representing Green Street Property Sales of  Newcastle.

Luke Jones of Gavan Reynolds Auctioneers calling the tune

Mr Jones described the home as being a piece of property of high calibre and quality. “It is conveniently located next to everything that matters; school, public transport and Charlestown Square.

“The property has a beautiful frontage with off street parking, and the recent renovations are a credit to their owners, with a living area that flows through the home and out to the wonderful backyard.”

Richard Evans, Principal Buyers Agent of Fortune Property Finder, kicked off the bidding at $600,000 before a young couple offered a further $5,000, which was not accepted because Mr Jones was seeking bids of at least $20,000.

Bidding went from $620,000 to $640,000 and in increments of $10,000 to $670,00 before stalling with Mr Evans as the highest bidder. A further bid of $671,000 came from a new player out the front under a tree before the property was knocked down to Mr Evans at $672,000 on behalf of Mr John O’Brien of Newcastle.

SOLD sign goes up

Mr Dan Hawkins of Green Street said everyone was more than happy with the result of the sale of a property which had been immaculately presented for auction.

Luke Jones, John O’Brien, Richard Evans and Dan Hawkins