Built more than a century ago, Wallarah House at Catherine Hill Bay is up for sale.

The house was built in 1887 for Thomas Barton, the manager of the New Wallsend coal company.

Development company Rose Group has placed the four bedroom residence on the market.

The 126-year-old house overlooks the surf break at Catherine Hill Bay and Rose Group managing director Bryan Rose says it is the first time the property has been put up for sale.

"It's over 1.15 hectares land, beach front property and it's just got an absolutely panoramic view up the coast, you can see parts of Newcastle CBD," he said.

Mr Rose will not speculate on how much the property could sell for.

"We're leaving it to the market to tell us," he said.

"We've had a look all the way up and down the NSW coast, nothing like this has been offered before.

"There's no land except for rural land of course, there's no land with a house on it of this size that has beach front proximity only 30 minutes south of Newcastle CBD that's been offered."

A Catherine Hill Bay resident Sue Whyte says Wallarah House has been empty since 2006 and it would be good to see someone living in it again.

"It's going to need a lot of work to bring it back, but it is absolutely beautiful and has the most stunning views," she said.

"So you know whoever does take it on it will be a labour of love.

"It is integral to the heritage of Catherine Hill Bay and we're delighted to see someone will start to look after it."

Ms Whyte says the property is located in a heritage listed precinct in the village which will protect it from being knocked down.

"So they have to work with the heritage office to make any sort of changes at all and it's already quite prescribed what they can do," she said.

"But it's a beautiful place and we'd be delighted to see it brought back to its former glory."

A open house is being held at Wallarah House from 10:30am and midday (AEDT).

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