Orchard Hills: 5 acre property sells $3.5m over reserve
A 5 acre property in Orchard Hills has sold $3.55m over reserve.
A five acre property near Penrith has sold for $3.55m over its expected price.
In what has been described by the agents as an “electrifying auction” the property on Kent Rd in Orchard Hills sold for $15.05 million.
It is a standout sale for the steady market in the area, however agents Colliers indicated that the property’s significance was not solely the land size but the location opposite the Orchard Hills Metro Station, currently under construction and anticipated to open in 2026.
The property sold $3.55m over its reserve.
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The block of land is yet to be rezoned however caught the attention of property investors who recognised the potential it holds.
The auction saw a turnout of 86 people including 12 enthusiastic bidders who vied to secure the property.
“This sale showcases the unwavering demand from property investors seeking to acquire exceptional real estate assets,” Colliers director Thomas Mosca said.
The property is located opposite the upcoming Metro Station.
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“It underscores the importance of partnering with an agency that has the expertise to identify the right target audience, generate competitive interest, and foster an environment conducive to achieving incredible results.”
Colliers director Nick Estephen said the property attracted 150 inquiries during the campaign which “was one of the best preforming campaigns right now – defying current market sentiment”.
“We have seen an increase in inquiry from people largely around the massive investment by the state government to deliver these important pieces of infrastructure for the residents of Western Sydney,” he said.
“Projects such as the Western Sydney International Airport, and the new Metro Stations to support it, including Orchard Hills.”
