Find out which cities are tracking best for growth in house and apartment prices.
- Affordability frontier vanishing as million-dollar sales surge in Sydney’s west
- 7 things I love about living in Mount Druitt
- New $68 million apartment tower planned for Mount Druitt
Known as the location of controversial SBS documentary Struggle Street, Mount Druitt is the last place Sydneysiders would expect to find million-dollar property.
But a five-bedroom house at 63 Tidswell Street in Mount Druitt broke the suburb’s house price record last week with a $1.2 million price tag.
The 1012-square-metre block was marketed as the “perfect answer to those who want size without the two-storey inconvenience” in the “best part of Mount Druitt”.
This five-bedroom home broke Mount Druitt’s house price record with a $1.2 million sale. Photo: Ray White Colyton
It’s two streets away from Mount Druitt station, the local Westfield shopping centre and the TAFE campus.
While million-dollar sales are creeping further outside Sydney’s inner suburbs, the house price was out of the ordinary, said sales agent for the home Ray White Colyton St Marys and St Clair principal Sid Elias.
Two million dollars is the new $1 million.Doug Driscoll, Starr Partners
“I don’t think we’ll see anything beat this price bracket for another 10 years,” Mr Elias said.
The median price for a Mount Druitt house is $572,500, Domain Group data for May shows, up 73.5 per cent in five years. And the median apartment price is $380,000.
While there have been some sales in excess of $1 million since 2012 when the property boom began, these were typically development blocks on more than 1500 square metres. Many have since been turned into townhouses.
This record sale was at the top end of the market in terms of amenity, Mr Elias said. It included an electronic sliding gate to the front of the home, galvanised metal garden shed, solar panels, water tanks, smeg appliances, ducted air conditioning, a walk-in pantry and three separate living areas.
A secondary dwelling, granny flat or pool could fit into the backyard, subject to council approval, with no easements on the block.
Starr Partners chief executive Doug Driscoll said million-dollar plus sales in the western suburbs were an “inevitability”.
“Two million dollars is the new $1 million … we have this hang-up about the magic million market, but it’s not a surprise,” Mr Driscoll said.
“In Parramatta you have apartments selling for more than $3 million.
“Mount Druitt is probably the last outpost but it has been through a boom that has been consistent across all of Sydney.”
While the market has grown “as one” through the growth cycle, he said there could be different performance in pockets as the market starts to plateau.
There were about 45 groups who inspected the home, with 12 bidding on the auction day with strong competition up to $1,145,000 before passing in before the $1.2 million reserve.
It then sold shortly after auction day for the reserve price, to a western Sydney charity organisation providing high-end homes to those in need.
Other bidders at the auction included two investors and many big families, including one group from the Blue Mountains, a family from the Northern Beaches and others from “all over Sydney”, Mr Elias said.
Part of his marketing campaign was handing out brochures to those at the local St John the Beloved Maronite Catholic Church – and three parties bidding at the auction had seen these advertisements.
The marketing photographs for the home included several religious statues and artworks.
Each bedroom included a built-in wardrobe and in total the home had three bathrooms, including an ensuite to the main bedroom. Buyers were also attracted to the prospect that the home came fully furnished with couches, desks, bookcases, beds, dining table and chairs.
Records show the property last sold 10 years ago for $310,000, though has since been extensively updated.
