Real estate mini-boom in the west

WESTERN Sydney's real estate market is experiencing a boom - and agents are thanking the Reserve Bank's recent interest rate cut.

A flood of confident house hunters and high numbers of registered bidders are being reported at auctions as demand outstrips supply.

Last Saturday Steven Fan, principal of Ray White Parramatta, sold a freestanding house on 645sq m at Merrylands for $860,000 - $260,000 above the reserve.

Mr Fan said the 50-year-old house in original condition had set a benchmark in the street where similar properties sold two years ago for between $500,000 and $550,000.

Grant and Melissa Mitchell are among those happy vendors profiting from the mini-boom in the west.

They sold their family home in Glenmore Park for $620,000, well above the $455,000 median house price for the suburb.

"We put the house on the market about two years ago by private treaty and there was just no interest whatsoever so we took it off," Mr Mitchell said.

"I just thought that with the interest rate cuts I'd list it again and it sold in about a week because we got an offer we couldn't refuse before auction."

Property Central Penrith principal Lee Waterhouse, who listed the Mitchells' home, said offers before auction were on the rise.

"There's been a distinct improvement in buyer sentiment in the last couple of weeks," he said.

"We had an auction night last week with five properties due to go under the hammer and two sold prior while three sold on the night. I think it's probably been about 12 months since we've had 100 per cent clearance like that."

Source: http://www.dailytelegraph.com.au/news/sydney-news/real-estate-mini-boom-in-the-west/story-e6freuzi-1226360677406