Record-breaking property up for grabs as property market regains confidence

1 Lewis Street, the historic renovated property that broke the Mudgee residential sales record in May 2023 with a sale between $2.6-$2.7 million, is up for grabs again in 2025.

Three active bidders took part in the May 12, 2023 auction, smashing the town's previous record of $2.175 million paid for the 1860s' Bleak House at 7 Lawson Street in 2021.

The question must be asked, is it expected to break the record again?

Andrew Palmer from The Property Shop Mudgee told the Mudgee Guardian he is confident that it can.

"I think it will. I think it certainly deserves to," he said.

"The Mudgee market has moved on since that point in time... when that price was achieved... it was substantially above what other properties have been sold for locally... there have been a number of other sales that have sort of pushed into the middle and I think this property certainly deserves to again stretch the top end of our market."

The restoration of the building was short-listed for the National Trust Heritage Awards in 2020 for 'adaptive re-use' and was the winner in the Master Builder Regional Heritage Awards in 2021.

While the Lewis Street gem is expected to fetch a deservedly high price, Andrew posited that the market itself has grown in confidence after a contraction in early 2024.

"I think the bottom of the market was here probably April, May last year, and since that time, people have grown in confidence. The market's certainly performed very well and has shown signs of a steady and gradual increase in pricing.

"[This] represents a fantastic opportunity for those people that are looking for a substantial home - to have a lot of room in their home with multiple living spaces, bedrooms and high-end finishes," Andrew said.

"If they want all of those things and... want that convenience of being right in the middle of the town, it's irreplaceable; you won't get another one."