A Merewether home has become the highest selling residential property ever in Newcastle.

The property known as “Barrymore” on Kilgour Avenue has sold for $8.7 million, after being sold just four years ago for $3.7 million in May 2017.

The sale surpasses the previous record of $7.25 million for a property on John Parade, Merewether.

The home is heritage listed and has five bedrooms, four bathrooms and a sperate garage building. It’s also set on a 1698 square metre block and stands on a cliff with views of the Pacific Ocean and cityscape.

Selling Agent Mark Kentwell says its clear now that Newcastle is no longer a well kept secret.

“The last record threshold of $7 million took over 12 years to surpass. This record took under 12 months to surpass. The strong and diverse employment base, amazing lifestyle and property performance is proving Newcastle is gaining moment, especially since COVID has become a part of life,” Mr Kentwell said.