A suburb in Sydney’s west has emerged as a property hotspot after achieving a sale price of over $1 million.
The property on 68 Wehlow Street in Mount Druitt was sold via auction for $1.066 million, making it the first auction to achieve a sale price of over $1 million in the suburb.
Laing+Simmons Mount Druitt licensee in charge Basel Nahas said the sale signalled a new era for Mount Druitt property, indicating further momentum was expected in the market.
“There is a lot of confidence within the local market at present and buyers are prepared to pay top dollar for a home that offers a sound investment opportunity,” Mr Nahas said.
“There is definitely an imbalance between supply and demand in the Mount Druitt area, and this is resulting in competitive buyer activity, which is fuelling price growth in the local market.”
Spread across two blocks, 68 Wehlow Street comprised a three-bedroom home on a 2,024 square metre site.
Positioned on the fringe of Mount Druitt, the property was popular with buyers due to its prime location just a five-minute stroll to Mount Druitt station, Westfield Mount Druitt, TAFE, schools, the hospital and all other amenities.
“The investor who purchased this property has secured a prime piece of real estate in Mount Druitt. They have plans to hold onto the property for a while, with the possibility of developing down the track,” Mr Nahas said.
“Investors are dominating transactional activity in Mount Druitt at present due to the market’s affordable price bracket compared to other Sydney regions, which can price investors out of the market.”