A western Sydney real estate market has defied property market critics after a recent property sold for more than $1.2 million.
The four-bedroom house in Adelaide Street, St Marys, recently sold for $1.23 million, smashing the previous record for the suburb.
Peter Diamantidis, sales manager at Raine & Horne St Marys, said the sale represents the highest price ever paid for a 1,267-square metre block of land in the suburb.
“The previous record, established last year, was $1.12 million, and this was for a bigger lot of 1,410 square metres,” Mr Diamantidis said.
“The result also illustrates that the property market in our small patch of western Sydney is at least as hot as the market highs recorded back in the winter of 2015 – it might even be stronger,” he said.
Remarkably, the property never made it to the internet, with Mr Diamantidis giving first right of refusal to buyers on the Raine & Horne St Marys database.
“It sold in just two days and we issued 23 contracts to interested parties,” he said.
The property was last sold in November 2000 for $280,000.
Mr Diamantidis believes future infrastructure developments, including a new international airport, contributed to the result and the overall health of the local market.
“There’s no doubt that with Badgerys Creek Airport now a definite, St Marys’ location just 15 minutes away is a major attraction for buyers with a long-term view,” Mr Diamantidis said.
“It’s not just the airport that’s coming our way; there’ll be a large raft of infrastructure improvements to support Badgerys Creek.
“This includes the upgrade of the Northern Road, and the construction of a new east-west motorway to the airport between the M7 motorway and the Northern Road, to be known as the M12 motorway.
“With an airport and the massive investment in infrastructure, the growth prospects for properties like this over the next decade will be significant,” Mr Diamantidis said.
[Related: House price growth to slow across Australia]