NSW Real Estate: Sydney’s West Now the Target for Buyers of Bigger Properties
NORTHWEST and Western Sydney are now the homes of over-the-top mansions, with cashed-up buyers looking further afield as they search for space and lavish features.
Ray Hadley at home in Dural with his daughter Sarah.
The migration of the wealthy follows a boom in home prices across the eastern suburbs, northern beaches and lower north shore.
Typical house prices in traditionally affluent suburbs such as Clovelly, Double Bay and Woollahra are now more than $3 million after jumping by more than $600,000 in the past year alone, according to CoreLogic data.
Mid-range houses in other exclusive enclaves like Manly, Mosman, McMahons Point and Hunters Hill also typically exceed $3 million — more than $1 million higher than in 2014. And things get even more outlandish at the top end of the market, where homes change hands for $10 million.
These rocketing prices have exceeded the wage of even many wealthy Sydneysiders — the average surgeon, for example, pulled in about $380,000 over the past year, according to PayScale.
So some of those hunting for luxury homes have responded by heading west and northwest where they can get larger and cheaper homes with more opulent features.
Merc Real Estate chief executive Mechlenne Douaihy has sold a string of acreages in northwest Sydney and said they often went to buyers who were living elsewhere and then built large homes on the land.
“In the past, almost all the people wanting to buy in the area were locals,” Ms. Douaihy said. “Now about four in 10 are coming from the east. There’s a realisation they can get bigger and better homes out here and put more of a personal stamp on them. There’s more room for dams, water features, landscaping.
James Tamou, partner Brittney McGlone and kids Barclay and Brooklyn are among recent arrivals in Glenmore Park, south of Penrith.
“Some homes even have features you can control from your mobile phone and other hi-tech gadgets. Not many homes in the east have that.”
Auctioneer Will Hampson of Lumby Hampson Real Estate said more affluent small business owners, doctors and other highly paid professionals recognised they could enjoy a better lifestyle in the west. “You can get a bigger block with space for a tennis court, bowling alley, helipad, car collection, indoor-outdoor pool, you name it,” he said.
Current listings reveal just how extravagant the top of the northwest and west Sydney housing market has become. A six-bedroom house at 29 Carters Rd, Dural, is going on the market this weekend and comes complete with a tennis court, gym, billiard room, cabana and swimming pool.
It can be yours for the princely sum of $6.5 million.
Meanwhile another six-bedroom home, on five acres in nearby Glenhaven, boasts four walk-in wardrobes, a private creek, pizza oven, swimming pool and championship tennis court. It is currently under contract and is expected to sell for about $6.5 million.
A nine-bedroom house in Hawkesbury suburb Grose Wold is for sale under an expressions of interest campaign. The property at 39 London Place has a music room, two home offices and rumpus room with a wet bar, among other features.
Luxury homes out west have another edge on those in areas like Mosman or Bondi, according to Mr. Hampson.
Steven and Holly Abric and their children were impressed with this luxury property in Penrith.
“There’s more privacy,” he said. “That’s a big draw for people, especially celebrities.”
High-profile figures who have bought or built homes out west include 2GB talkback king Ray Hadley, Penrith Panthers star James Tamou, federal Defence Minister Marise Payne and Western Sydney Wanderers goalkeeper Vedran Janjetovic.
Tamou and wife Brittney McGlone are among the more recent arrivals after buying in Glenmore Park, south of Penrith, in January.
Such is the demand for luxury homes that mansions have now begun cropping up in usually middle-income areas.
RELATED:
A five-bedroom waterfront house spread across multiple levels is currently for sale in Penrith, complete with lavish home theatre, spa, infinity pool with a waterfall and a built-in coffee machine. The Nepean River property at 7 Nepean Ave is listed for $3 million, more than four times Penrith’s median house price of $687,000.
House hunters Holly and Steven Abric said it was an “amazing” home.
“It’s full of large spaces. The infinity pool is just incredible. I love that you can see the water from the kitchen,” Mrs. Abric said.
Selling agent Peggy Wilcox of Mooney Real Estate said the homes in Penrith and its surrounds would only get more extravagant thanks to Badgerys Creek airport.
“Money is already streaming into the area,” she said.
“That’ll increase with the airport because there will be lots of high-paying jobs in the vicinity of (Badgerys Creek).”
SOURCE: Realestate.com.au
POSTED: July 21, 2017
AUTHOR: Aidan Devine
@Luxury Estates – experts on visionary marketing of Australia’s most luxurious real estate for sale
