In a hugely generous act that sets the Christmas gift-giving bar very high, a modest brick and tile home in South Penrith has been purchased for an eye-watering $1 million by a mother as a present for her son.
The neatly presented four-bedroom, one-bathroom property at 30 Darri Avenue had been listed for sale with a price guide between $899,000 and $969,000.
But even selling agent Cameron Faico from Property Central Penrith couldn’t believe his eyes when a cash buyer from Wahroonga on Sydney’s Upper North Shore swooped, outstripping all price expectations with the seven-figure offer.
“It’s absolutely unbelievable,” Mr Faico said.
“It’s very rare to get seven figures in South Penrith, but the suburb is starting to go that way with a lot of interest locally. You mix that with an increase in Sydney buyers and it’s red hot at the moment.”
According to PropTrack data, the median dwelling price across the Penrith region has grown by 6.6% to $535,000 over the 12 months to October. Meanwhile, the median price for four-bedroom houses has surged by 10.6% over the same period to $802,500.
“This buyer was around for a few weeks,” Mr Faico said.
“She was looking in the lower mountains and also in the Penrith area and ended up settling on a South Penrith pocket. It’s so close to Penrith CBD and it’s probably one of the better streets in the area.
“It’s not a suburb record but for a four-bedroom, one-bathroom with no pool and no garage, it’s right up there.
“It settles early next year in January so it’s a nice Christmas present for her son.”
Set on a 657sqm block, the family home has been renovated internally with a new kitchen and bathroom, engineered floating timber floorboards, a large alfresco deck, and a good-sized lawn area in the backyard.
Mr Faico said there had been a surge of interest in the Penrith region as Sydney buyers realised the advantages of the area, including relative affordability.
“There are a lot of buyers looking out west at the moment,” he said. “We’re about an hour from Sydney but buyers from Sydney are coming out this way.
“It’s better bang for their buck. Compared to Sydney where you can buy a unit for $1 million, you come out this way and you can buy a house with four bedrooms for that price – a really good property in a good family area and there’s a lot of infrastructure going in with hospitals and schools.
“There are a lot of benefits here.”