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A RED BRICK home located opposite a future high rise development in Castle Hill fetched $2.050m at auction.
The property at 3 Gilham Street, which is zoned for median density, had been listed on and off the market for a number of years before selling.
Agent Aaron Godfrey from Guardian Realty at Castle Hill said those living within proximity to the Sydney Metro North West faced a dilemma on whether to list now or hold out for potentially more money.
“The advantage of selling is that you get your money in six weeks rather than putting the home under option with a developer and having to wait maybe two or three years,’’ he said.
“Some people are happy to wait but others are ready to move on with their lives.’’
The vendor, who paid just $255,000 for the four bedroom home in 1996, was reportedly encouraged by other recent single sales in the area.
The 688 sqm property is a 10 minute walk to Castle Towers and also has views stretching out to the Blue Mountains.
There were four registered bidders on the property which was purchased by an investor.
The sale beat the previous street record of $1.91m paid for a neighbouring home last month.
Other recent single sales in rezoned area include 51 Castle Street which sold for $1.9m through LJ Hooker Castle Hill.