The prospect of a new airport is driving up demand for properties in Western Sydney valued above $1 million.
Sam Ruisi, principal of Raine & Horne Wetherill Park, set a West Hoxton suburb record by $40,000 with the preauction sale of this stunning five bedroom home for $1.44 million.
The massive home, pictured here, offers three bathrooms, a double garage home, a pool, and a fully equipped sound-proof cinema.
“The property is located close to several excellent schools and Carnes Hill Shopping Centre, which caught the eyes of savvy buyers,” Mr Ruisi said.
“There’s strong demand still for high-end properties in our region, and still a level of fear among buyers that they’ll miss out if they don’t make a competitive offer prior to auction.”
In South West Sydney hotspots such as Wetherill Park, Elizabeth Hill, West Hoxton and Hoxton Park, the prospect of an airport at Badgerys Creek is proving a major attraction for many aspiring buyers at open for inspections, noted Mr Ruisi.
“About 50 percent of buyers want to know about the timeline for the new airport, which is just 25 minutes from West Hoxton, and this is continuing to push prices up,” Mr Ruisi said.
Meanwhile, prestige property markets around NSW defied the real estate doomsayers by producing some record sales in the last weeks of autumn.
“We are running in to winter on the back of some excellent end-of-autumn sales,” said Angus Raine, executive chairman of Raine & Horne.
[social_quote duplicate=”no” align=”default”]“Interestingly, we’re seeing activity in the middle and prestige markets, while the markets below $1 million are a little softer,” he said.[/social_quote]
A positive post-Federal Budget effect could be at the core of stronger prestige markets, following some very positive infrastructure announcements that will prove good for business.
“Apart from the domestic positives, wealthier Australians are blocking out the noise about US- Chinese trade wars, more Eurozone financial traumas, and the Korean peninsula.
“Instead, they are focusing on the good news stories such as Australia’s economic growth, improving trade position, historic low interest rates and declining government debt,” Mr Raine said.
“With this background in mind, those buyers who feel they have solid employment prospects or who own successful business are expressing this confidence by snapping up prestige real estate.”
