The cheapest house on the city's fringe is drawing strong interest from buyers ahead of its upcoming auction.
But it isn't one for the faint-hearted.
The three-bedroom weatherboard cottage on Mounter Street in Mayfield East requires extensive renovations inside and out - or a complete knockdown.
Initially launched with an auction guide of $780,000, the price was recently adjusted to $690,000.
It's now the most affordable house on offer in the suburb, as well as the cheapest house listing within 10 kilometres of the Newcastle CBD.
"It has caught a lot of people's attention," Wilton Lemke Stewart listing agent James English said.
"Initially, we had a lot of enquiry and since the first open house we have made a pretty significant price adjustment which has generated even more enquiry."
Set on a 390-square-metre block, the dilapidated cottage includes a kitchen and bathroom, though both are in severe disrepair.
Mr English said the property offers scope for buyers aiming to secure a foothold in the Mayfield area.
"It's attracting a mix of buyers," he said.
"The majority of people enquiring have been renovators, and we wanted the photos on the listing to reflect exactly how the property is when inspected.
"It has attracted an array of buyers looking to take on a project, so it is suited to someone looking at renovating it or knocking it down and starting again.
The revised price guide sits well below Mayfield East's median house value of $1.11 million.
"If someone is budding enough and prepared to take it on, this is a unique opportunity," he said.
"It is very rare to get what is essentially a vacant block in Mayfield East because the footprint of the actual house is small and it has shared driveway which allows easy access for anyone hoping to knock it down and rebuild."
The site's appeal is further backed by the suburb's strong capital growth.
According to Cotality, house values in Mayfield East have surged 11.2 per cent over the past year and are up 35.1 per cent since 2021.
Mr English said the suburb is increasingly capturing demand from buyers priced out of nearby fringe markets.
"It is drawing a younger demographic of buyers and that was reflected in the buyers that came through the home on Saturday," he said.
"In terms of how affordable it is compared to Newcastle, it is attracting people from Sydney who are looking at Islington, Tighes Hill, Maryville or Wickham, and potentially don't have the budget for those areas and they go a little further out to Mayfield East or Mayfield.
"The suburb is attracting first home buyers, investors and out of the area buyers."
According to Cotality sales records, the property last changed hands in 1987.
It is scheduled to go under the hammer on September 12.
