71 School Road, Wakefield sells for $1.86 million

The desirability for acreage is driving big prices in the rural town of Wakefield, in NSW's Hunter Valley region.

Located a 10-minute drive south from Cameron Park, Wakefield had a population of 144 at the time of the 2016 census.

Before July, the $985,000 sale of a four-bedroom acreage at 11 Jefferson Road was the suburb's biggest.

Three properties have since sold for more than $1.5 million each, with a three-bedroom home at 71 School Road securing a new suburb record of $1.86 million last week.

Taking in five paddocks, two dams and a creek over four hectares, the property attracted more than 300 enquiries in little more than two weeks on the market.

Harcourts Newcastle's Michael Hardy estimated 90 per cent of the interest was local, with the property eventually selling to a young Sydney family who will use the home as their family residence.

"Land like that is hard to come by, it was 10 acres and rural zoning which is rare out there - usually it's environmental," he said.

"It's just such a beautiful lifestyle out there and I think the number one thing most people were saying is the area is is so well positioned.

"It feels tucked away and you've got such beautiful landscapes but you're so central to everything."

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Mr Hardy said the previous owners had built the property about 15 years ago, and were selling to move closer to family.

Early expectations on the home had been about $1.65 million, which would have fallen narrowly short of the $1.73 million paid for a four-bedroom, three-bathroom home on a smaller block at 460 Miller Road in September.

"You've got such a huge interest on that acreage market - that seems to be the flavour of the month," Mr Hardy said.

"It's one of the few areas where people are paying an emotional price - they're understanding that there's only so many acreages out there and you have to pay a good price to secure them."

Wakefield is home to a school, a fire brigade and was approved for a $77 million raceway project called BlackRock Motor Park in 2019.

This story The town with population of about 100 and house prices at $1 million-plus first appeared on Newcastle Herald.