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Mansions cut price in cost but not the add-ons.
An increasing number of wealthy homeowners are cashing in on rising property prices in Sydney’s inner and middle-ring suburbs to splash out on mansions in the now more accessible west.
Trading postcard harbour views and proximity to the beach for acreages with tennis courts and palatial pools, these multi-millionaires are riding the real estate wave west and the Western Sydney International Airport, Bradfield City Centre and numerous significant road upgrades are opening the floodgates.
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692 Old Northern Rd, Dural
While eastern suburbs and lower north shore trophy homes on modest-sized blocks are fetching in excess of $30 million, sprawling Western Sydney properties are selling for less than half that without scrimping on quality or amenities.
Joe Safi, selling agent with LJ Hooker Camden/Bringelly, said inner city and eastern suburbs buyers are realising the value for money in Sydney’s outer ring.
“They’re after a lifestyle change away from the hustle and simply want more bang for their buck. People are coming from suburbs like Mosman, Double Bay and Point Piper where you only get a fraction of what you can get here,” he said.
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Mr Safi’s current listing, a nine-bedroom mansion on 3.24ha in Cobbitty, would translate to $308 a square metre if it achieves the top of its $9 million to $10 million range. Recent sales in suburbs such as Vaucluse and Point Piper have reached as much as $90,000 a square metre.
The Cobbitty estate features a self-contained three-bedroom wing, Nepalese handwoven silk carpets, black onyx marble bathrooms, a full tennis court and a 25m mosaic-tiled pool that cost $550,000 to install almost two decades ago.
269 Cobbitty Road Cobbitty NSW Real Estate
King Charles would feel at home.
Mandatory resort-style pool.
Brad Pitt would feel at home.
“I’ve had barristers, doctors, varied professionals, and even a politician who I can’t name send someone out to take a look. There’s a real mixed bag of buyers. Some are looking for a weekender, a party house to enjoy with friends and family. Others want to make a permanent move,” he said.
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Steven Chen, whose name is typically seen on the for sale signs of exclusive eastern suburbs homes, has a $13 million six-bedroom listing in Dural that even he admitted gives the mansions of the east a run for their money.
“It’s like the Ritz Carlton inside. The finishes are as high-end as you’ll see in the luxury homes of Point Piper but it comes with a minuscule price tag in comparison. You get 11,000sq m internally on over 20,000sq m of land. You couldn’t build the same calibre of house there today for less than $16 million or $17 million,” he said.
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692 Old Northern Rd, Dural.
It’s always a good morning here.
The more than 2ha estate has a grand swimming pool, tennis court, soccer field, life-size outdoor chess set, a showroom for car or boat connoisseurs, a six-car garage, parking for up to 20 visitors and a horse paddock.
Mr Chen said one factor previously holding Sydney’s western ring back from multimillion-dollar demand was its distance to the CBD, but added that new infrastructure is changing the landscape and commute times for those who still need it.
“You’ve got the M5 which can get you from city to Dural in about 30 minutes. It’s very easy to get to, not like it was when you had to sit on Parramatta Rd for an hour and a half. The distance isn’t putting buyers off,” he said.
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“We’ve had more than 300 inquiries on this property alone. I still think Dural is undervalued, people are seeing value in these assets for the long term.”
Buyer’s agent with Property Frontline, Debra Beck-Mewing, said many of her clients are seeking space on a grand scale as part of an investment strategy.
“Because many of these areas are being rezoned at a fairly rapid pace due to urban sprawl, coupled with all the changes in infrastructure, people are looking at these big acreages in a new light,” she explained.
26 Cubitt Drive, Denham Court.
“They’re thinking ‘If I buy this maybe I can subdivide and sell some land down the track or my children could all be living on the same block as me.”
She agreed the changing landscape is turning Western Sydney into a lifestyle destination.
“With new roads people realise it’s not that hard to get around and many are working from home a lot also,” she said.
“They’re seeking the grandeur of these big luxury homes and can see the value for money but they’re also discovering how the west is transforming. Like it’s happened in other parts of inner Sydney, it’s happening to Western Sydney and it’s all been a bit of a secret.”