A BENCHMARK price has been set following the sale of a luxury home in New Lambton. The modernist-inspired home at 54 Addison Road set on almost 2000 square metres has sold for a record-breaking price after receiving multiple offers from buyers. The sale price was undisclosed, however, listing agent Chasse Ede from Presence Real Estate said the luxury four-bedroom home was sold within its guide of $4.75 million to $5 million to a family from Newcastle. It is understood the property sold in the upper end of the guide. The result smashed the previous suburb record set in 2021 following the $4.175 million sale of a home on 2673 square metres at 26 Curzon Road. Other significant sales in the surrounding area include 5 Ridge Lane which sold for $3.86 million in 2019 and the $3.22 million sale of 54 Curzon Road in 2022. "We had more than 35 groups inspect the property privately including 24 groups through prior to going to market," Mr Ede said. "The buyer who purchased it came through in the first week. "We had some out-of-area interest but the majority of it was local and they all recognised the value of the New Lambton village. "The flat walk to the shops, schools and the absolute privacy of the block all appealed to buyers." Mr Ede had anticipated the house could achieve a record sale given the opportunity it offered to secure a new home in a blue ribbon location. "Nothing has ever been offered in New Lambton like this," he said. "It had been specifically designed to sit on the site and offer absolute privacy. "The house was flawless the whole way through." The property was last sold in 2013 for $820,000, according to CoreLogic, however, the original home was knocked down and rebuilt in 2017. The agent said several people made multiple offers on the property. Set on 1992 square metres and and surrounded by established palm and fern trees, the home's design took inspiration from Californian desert modernism. Designed by Sorensen Design, the home featured a sunken dining room, a double-sided gas fireplace and a 1700-bottle temperature-controlled wine cellar with its own tasting room. The home is split across two levels, with all of the bedrooms on the ground floor including the master suite which had an ensuite with a freestanding bathtub and a walk-in robe. The layout has been designed to suit modern lifestyles with the inclusion of a large home office, a butler's pantry and a mud room. The open-plan living, dining and kitchen area had an abundance of glass doors and windows to allow natural light to flow into the space. The backyard had a swimming pool and a barbecue entertaining area with a wine fridge and fireplace. Although the sale price was high, Mr Ede said the property offered buyers value for money. "A lot of older homes that we have sold in that area, the owners have spent $2 million on a renovation in the last two years, so this one is the more cost effective option," he said. "The buyer can just move in and they don't have to go through the build process." The median house value in New Lambton is $1 million, according to CoreLogic. - Readers can now subscribe to Australian Community Media's free weekly Newcastle Herald property newsletter. The newsletter will keep you informed about what's currently making headlines in the region's real estate market and beyond. To sign up, click here, scroll down, enter your details, click the 'property' box and then click 'subscribe'.