Even suburbs such as Glenhaven, which are close but not directly on Sydney’s newest metro line, are enjoying renewed confidence following the opening of the $7.3 billion railway.
A masterbuilt home located within an exclusive pocket of the suburb fetched a higher than expected selling above its price guide for $2.28m.
The sprawling seven bedroom residence at 50 Sandhurst Crescent offers 650 sqm of internal space set over three levels.
It was inspected by 40 groups during is two weeks on the market and was purchased by a family looking to upgrade from nearby Castle Hill.
“It has also coincided with the train line opening — we had been telling people to wait and that things would get better and it has on cue,” said agent Michael Roberts from Louis Carr Real Estate.
“This home was priced well and being in the Sandhurst Estate, there was a lot more interest than the typical home. It isn’t a gated estate but there are a lot of quality homes which make it more appealing.”
The residence is set on a 1100 sqm block with views stretching out to the Blue Mountains. There is an outdoor terrace overlooking an inground swimming pool. Other features a large games room with built-in wet bar plus a private music room or home theatre.
While the suburb of Glenhaven doesn’t have it’s a metro station, it is located close to both the Showground Station and Castle Hill Station.
Latest figures from CoreLogic RP Data show the suburb’s median house price is $1.575m with values falling 4.3 per cent in the 12 month ending in February. During this time where were 78 sales recorded.
Agent Steven Ford from LJ Hooker Dural has also seen a confidence in the area with larger numbers attending open inspections. His recent sales include 67 Greenbank Drive which fetched $1.437m just before the train line was opened.
“Definitely post election and with the metro now up and running, it has definitely given people a lot more confidence in the area and we are seeing people being more forthcoming with offers — which we hadn’t seen since late last year,” Mr Ford said.
“People are still considering whether to list now or wait until spring but there will be more competition if they wait.
“There is a lot of positive media with APRA making recommendations to the bank, more talk of an interest rate drop and a First Homebuyers scheme that — although it won’t directly impact Glenhaven — should create more activity in the market place in general and have a flow on effect.”