Old properties are raking in millions as development increases
SOME of the Macarthur region’s most unassuming properties have skyrocketed in value as development opportunities around the district ramp up.
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Some of the Macarthur region’s most unassuming properties have skyrocketed in value as development opportunities around the district ramp up.
Many of these houses may not look like much but these properties are attracting mammoth price tags.
A quick search on realestate.com.au reveals a number of old weatherboard homes in some of the area’s sleepiest suburbs attracting mammoth prices of more than $2 million.
One three-bedroom home at 338 Catherine Fields Rd, Catherine Field, is on the market for a staggering $3.4 to $3.6 million.
The 2.02ha property was last sold in 2014 for $1.3 million.
Selling agent Charlie Cini, of United Realty, said future development opportunities meant the value of a home increased if it was on quality land.
“There is a lot of investor interest in a property like this even if it doesn’t have an attractive home on it,” Mr Cini said.
“The money is in the land, not in the house.”
Mr Cini said a number of people might not be aware of the value of their land.
“Even if you’re not interested in selling at the moment speak to someone who knows the market because you might be surprised,” he said.
Menangle Park is another area set to boom, with homeowners able to cash in on the future development of the sleepy rural village.
An old fibro home which last sold for $1.2 million in 2014 has now hit the market for a cool $2.7 million.
The property sits within the Menangle Park master plan which would allow the 0.86ha property to be divided into 13 lots.
The property description markets it as a rural lifestyle property with potential for significant “uplift and financial gain” in the short-term future.
A number of Menangle Park properties have gone up for sale since the rezoning of the suburb to make way for 3000 homes to be constructed by Landcom.