A modest two bedroom home in Kahibah exceeded expectations when it went under the hammer of auctioneer Barry Price, representing Ray White, Newcastle and Lake Macquarie, on Saturday morning.

Agent, Teresa Heighington and the owners were extremely pleased with the sale price of $592,000, which was well above the reserve for the property at 73 Hamilton Street.

Sixty years in the one home, Mrs Dulcie Grundy with her family before the the auction

The property was sold on behalf of Mrs Dulcie Grundy who had resided in the house for over 60 years, raising three children in the well presented home.

The residence, high on a hill overlooking a valley, was purchased by Mr Stephen Holmes on behalf of his son Matthew Holmes.

Teresa congratulates Stephen and Pauline on their successful purchase

Mr Price aptly described the home as “much loved, with a wonderful history. You can live in it, renovate it, or build a new home on the site. Whatever you chose, you will be part of a wonderful street in a wonderful suburb.”

Barry Price drops the hammer at $592,000

Bidding started at $500,000 and quickly rose in bids of $20,000 and $10,000 before stalling at $585,000 with the bid in Mr Holmes’ corner. The auctioneer went inside and spoke to the owners and reopened the bidding with the house “up for sale.”

A bid of $5,000 came before Mr Holmes upped the ante to $592,000 and the hammer went down in his favour, much to his delight and the applause of around 50 interested bystanders.

In the word of the agent: “The vendor is happy, the purchaser is happy. You can’t ask for much more than that.”

SOLD BY: James English with agent, Teresa Heighington of Ray White, Newcastle and Lake Macquarie