West Ryde suburb record smashed as house sells for $4.18 million

“At that level we had the two buyers, they had reached the ceiling of where they were both able to proceed, we went back and checked with all the other buyers to see where they were at, but these two were at the same level, “she said.

The house has seven bedrooms and multiple living areas.

The house has seven bedrooms and multiple living areas.

The result was well above the suburb’s median house value of $2.14 million, on CoreLogic figures, which has climbed 18.3 per cent over the past year. It was also well above the $492,000 that records show the owners – who built the home and plan to downsize – paid for the block in 2000.

Wiggins expected $4 million-plus sales would become more common in the suburb as more locals opted to downsize, bringing more substantial homes to the market.

It comes just weeks after a five-bedroom house on a sprawling 4116-square-metre block in nearby Epping was sold for more than $7 million.

The house at 24-26 Gloucester Road sold via an expression-of-interest campaign for about $7.5 million last month, sources say, after about a week on the market.

Selling agent Catherine Murphy of The Agency North declined to disclose the price but confirmed the sale.

“There was a huge level of inquiry, I was really surprised,” she said. “I really thought there just weren’t going to be that many people with deep pockets wanting to invest in Epping.”

Blocks of that size are few and far between in the suburb, where the average lot size is about 750 to 800 square meters.

Records show the property last sold for $235,000 in 1983 and Murphy said the vendors had built their dream home on the site the following year.

She noted the buyers had not confirmed whether they would keep the property as a home or explore potential development opportunities for the sizeable parcel of land. Any development would be subject to council approval.

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The result tops the $5.75 million paid for a six-bedroom house in the suburb in late 2019, believed to be the previous price record for a residential site.

It was also more than triple Epping’s $2.3 million median house value, which was up 14.7 per cent over the 12 months to April.

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