Four-bedroom house in Mt Druitt sells for $1.3 million
SO much for “Struggle Street” — a four-bedroom house in Sydney suburb Mount Druitt has sold for $1.3 million, one of a string of homes in the suburb sold for seven figure sums.
SO much for “Struggle Street” — a four-bedroom house in notorious Sydney suburb Mount Druitt has sold for a record $1.3 million.
The home at 35 Callagher St is the third property in the suburb to sell for over $1 million this calendar year.
It followed the sale of a five-bedroom house on Tidswell St for $1.2 million in June and the sale of a four-bedroom house on Paull St for $1 million.
Four other Mount Druitt homes also sold for over $950,000 throughout the year, CoreLogic records showed.
Ray White-Colyton agent Sid Elias said the buyer of 35 Callagher St paid the lofty price for the home, a new suburb record, planning to relocate from the inner west.
The buyer was one of a number of families who have relocated to the area after deciding to leave the inner west, Mr Elias said.
“There’s a lot of new developments here with homes on very big blocks which are very sought after,” he said.
“People who are getting priced out of the inner west are moving to the outer west to where you can get a big home on 1200 sqm.”
The home at 35 Callagher St had been on the market roughly two months and had been marketed as an opportunity for buyers to “make a statement”.
Spread across a 1012 sqm block, the house sold with high-end finishes and multiple entertaining spaces.
The eventual sale price was a far cry from the typical sums homes were being exchanged for just three years ago when the median price of a Mount Druitt house was just $475,000.
The median house price is just shy of $700,000 today.
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The slew of recent pricey sales is a new twist for a region that has long been one of Sydney’s poorest areas and was depicted two years ago in a widely criticised SBS documentary called Struggle Street as a “haven for the downtrodden”.
High home prices have also defied an otherwise slowing market across Sydney as a whole, considering the citywide median home price fell 1.3 per cent over the past three months.
One of the primary reasons for the slowdown has been weakening activity from investors who, until recently, accounted for the majority of property purchases, especially in cheap areas such as Mount Druitt.
“It’s true that the banks are tightening their lending but all the right properties are still selling, no doubt about it,” Mr Elias said.
Originally published as Four-bedroom house in Mt Druitt sells for $1.3 million