There can't be many waterfront homes within 90 minutes of Sydney that you can buy for $1 million, let alone ones boasting blockbuster holiday let potential.
Imagine snagging a four-bedroom waterfront home in NSW for just $1m that doubles as an Airbnb cash cow, pulling in $80,000 a year.
Few spots — if any — offer that thrill, let alone one that's just 90 minutes from Sydney's CBD.
6 Baker Street, Dora Creek is on the market for $1m-$1.1m. Picture: realestate.com.au
Yet Dora Creek in Lake Macquarie is that place, with the two-storey home at 6 Baker Street, Dora Creek hitting the market for $1m-$1.1m.
Agent Mark Johnson at McGrath Lake Macquarie is a Dora Creek local himself after relocating from Sydney.
The waterfront home sits directly on Dora Creek, which runs into Lake Macquarie. Picture: realestate.com.au
He said the suburb, just 45 minutes from Newcastle, is way more affordable than its neighbours since waterfronts here don't hug the lake, rather one of its tributaries — Dora Creek, in fact.
"If you drive five minutes down the road you're on the lakefront, where you can expect to pay at least 60% to 70% more for the same property," Mr Johnson said. "Dora Creek is certainly more affordable.
"I think people see it as a creek, without a lake view, but Dora Creek has a lot of advantages," he said.
Waterfront homes in Dora Creek are far more affordable than nearby suburbs. Picture: realestate.com.au
For starters, that serene waterway is sheltered from the lake's often-fierce winds, so is an ideal place to permanently moor your boat, with easy lake access.
"There's no big waves crashing against your sea wall, it's really calm. Plus you're right on the Sydney to Newcastle train line," said Mr Johnson. "All up, Dora Creek's a true hidden gem."
The suburb's median house price is $790,000, according to PropTrack — compared to $920,000 in the lakeside suburb of Bonnells Bay next door.
The northeast-facing, waterfront house on Baker Street offers pretty water views from bedrooms and living areas, which spill out to a wide covered entertaining deck, lush level lawn, and a deep waterfront primed for that boat.
The four-bedroom home is leased out as short term holiday accommodation. Picture: realestate.com.au
The owners, who also moved up from Sydney, snapped up the property in 2024 for $880,000. They've given the place a refresh with a sleek, new kitchen, revamped bathroom, fresh paint, new floors and that impressive waterfront deck.
Having upsized in Dora Creek, they've been renting out their home as a holiday let, clocking potential for $80,000 yearly — with hands-on management.
Water views from the bedroom. Picture: realestate.com.au
Mr Johnson said that's not unusual for holiday lets in Dora Creek.
"We sit at about 80% occupancy here; it's a popular spot. If you outsource the cleaning and management, you may earn around $50,000 per year. Others along the Baker Street waterfront make upwards of $100,000."
He added the home's quirky triangular upper level and sky blue exterior have made it popular with holidaymakers — as well as its location just a five-minute walk across the bridge from the train station and shops.
The home sits a five minute walk from the train station and local shops. Picture: realestate.com.au
Mr Johnson said with the home's lifestyle, location and income potential, the price tag was simply the icing on the cake.
"An absolute waterfront property around a million dollars this close to Sydney is an absolutely huge selling point."
Read more:
Where you can live on the waterfront for less than $1 million
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