Confidence and the new metro creating competition
Buyers are facing tougher competition in Castle Hill with properties attracting 10 or more registered bidders due to a lack of listings over winter.
Three homes were sold under the hammer last weekend — all fetching above expectations — with strong interest from potential buyers across Sydney.
The highest price achieved was 34 Merrilong Street which sold for $1.6m to a family looking to upgrade from Baulkham Hills. They were one of 11 contenders for the five-bedroom split-level designed home set on almost 1000 sqm.
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Agent Grant McEnally from Guardian Realty said the Clarendon-built home had proven a popular listing with 85 groups inspecting the residence during its marketing campaign. There were 23 bids traded with the home selling well above expectations.
“There is a bit of shortage of properties available to start with and there has been a resurgence in the market after the Federal election,” Mr McEnally said.
“This is unique for this pocket of Castle Hill as it is a knock-down-rebuild project and only 14 years old — so there is nothing else really like it and it didn’t need any renovating.
“It also has a very nice backyard with lots of space — so it just ticked a lot of boxes, for a lot of people.”
Another in-demand listing was 37 First Farm Drive which was inspected by 130 groups during its four week lead up to auction.
The home attracted 10 registered bidders and sold for $1.575m to a family looking to move from the Parramatta region.
Agent David Choy from McGrath Castle Hill agrees confidence in the market combined with improved lending conditions and the new Sydney Metro Northwest are drawing buyers to the suburb. It also sold for higher than expected.
“People are seeing value in Castle Hill — especially now you can travel to Chatswood in 20 minutes on the train — its incredible,” he said.
“This property is set on 900 sqm in the First Farm Drive estate which is sought after with a beautiful pergola and pool in a very private backyard.
Completing the trifecta of sales was 10 Strathcarron Place, located in the Balintore Estate, which sold for $1.56m through Ray White Castle Hill.
There were 12 registered bidders for the five bedroom contemporary style single level home featuring a resort style in-ground pool with tropical rear garden. During its marketing campaign there were 36 contracts issued.
“We had 103 groups go through the home during the lead up to the auction — these are big numbers for supposedly a quiet market and this isn’t an entry level property,” said agent Paul Conti.
“What was interesting is that perhaps at the beginning of the year we would have looked at a lesser figure but it seems post-election and with banks softening their lending criteria we have seen a steady increase of people at open inspections.”
The home, which also sold above its reserve price, was purchased by a family relocating from West Ryde.
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“The signature part of this design is that the front of the home has raked ceilings with a central jet master fireplace that leads to as an open planned family meals area off the kitchen,” Mr Conti said.
“A decade ago the owners put in a saltwater pool with water feature and Balinese alfresco area — so they had a 1990s home bought into the new millennium by having that focus on inside and outside living and that attracted buyers looking for lifestyle.”