Outer west Sydney suburb’s ‘impossible’ new price record
A four bedroom home in St Clair has smashed the suburb record, selling for over $3m.
A simple home in St Clair has defied the odds with a record breaking sale over $3m.
The record has blasted the Western Sydney suburb’s current median house price of just over $938,000.
The home, at 110 Explorers Way, sold for $3.01m through a private treaty, obliterating the previous record by more than $700,000.
Ray White Diamantidis Group handled the sale with principal Peter Diamantidis saying the team and owners were thrilled with the result.
“It’s incredible, such a great result,” he said.
“It was a big parcel of land which you just won’t find very often in this area.”
The home was on 3304sq m.
There property last sold in 1975 for $23,500.
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He said the sale came less than a week after the previous St Clair record on the same street at 124 – 126 Explorers Way.
“It’s funny, on the Saturday before our sale there was an auction down the road which broke the suburb record at $2.28m,” he said.
“It was another big parcel of land in the area. Ours was bigger however less usable due to the nature of the trees.
“Then we come along and smash the record less than a week later.”
The property, which was on 3304sq m of land and with a 48m frontage, sold to a developer planning either a childcare centre or over 55s living development.
The property is zoned R2 under Penrith Council.
The home is close to the M4 and within the massive growth area of Western Sydney.
There are restrictions on the native trees around the property, which is also located in a bushfire zone.
The buyer is planning a childcare or over 55s development.
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Mr Diamantidis said there were challenges, with the owners not keen for open homes or auction, along with the property being in a bushfire zone and having restrictions around native trees on the land.
“We only had external access,” he said.
“There was a lot of competing buyers at one stage but it went stale. We were eventually left with two buyers with the successful buyer’s last offer $200,000 higher.
“It took time but we eventually got there. This property only has low density zoning as well so I was surprised with the result.”
The original owners, who bought the property in 1975 for $23,500, are “over the moon” and are now searching for a small apartment or villa.
Mr Diamantidis said the buyers were capitalising on the massive growth of the Western Sydney region with the airport construction well underway along with Motorway 12 and Sydney Metro West.
“It’s 100 per cent due to the growth in the area,” he said. “Parcels of land are impossible to find at the moment.”
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