In what may signal a shift in the western Sydney property market, a Mount Druitt home has sold for more than double the area's average median price.
Principal at Laing+Simmons Mount Druitt Basel Nahas recently achieved a record sale price of $780,000 for a five-bedroom home in the normally low end area of the market.
The average median property price for the area is $355,000.
According to Mr Nahas, the property was unprecedented for the area. In fact, when it came to quoting a possible sale price for the property, Mr Naha said he had to use common sense.
“There have been no other properties of this calibre sold in the area, so picking the price was difficult,” he told Real Estate Business.
“We had to use common sense, and that told me it should go for about $650,000 to $700,000. However, two very interested parties meant the price was driven up even more.”
The property, located at 41 Wehlow Street in Mount Druitt, was a two year-old Masterton home. It features two main bedrooms, each with its own ensuite and walk-in robe, built in wardrobes in the other three bedrooms, formal lounge and dining, study room, casual family room, tiled alfresco area and three-car garage. It is within walking distance to the main shopping centre and train station.
Mr Nahas used a combination of print advertising and online marketing to advertise the property that was on the market for just five weeks.
The property was purchased by a Vietnamese family of six, who lived in the neighbouring suburb of Plumpton. According to Mr Nahas, the purchasers and another local family who were looking to upgrade were in a bidding war, which eventually drove the price to the record selling price.
Mr Nahas said the home signaled that Mount Druitt was a growing suburb.
“It has never attracted these prices before. This sale really says that buyers and investors are starting to see that this is an attractive place to live,” he said.
“They can see the value.”
To view images of the property, please CLICK HERE.