Yahoo Finance Abandoned Sydney driveway hits market for $630,000
A driveway sitting on a block of land in Sydney’s west has hit the market for a whopping $630,000.
The hilltop block at 4 Lapstone Place in Leonay, Western Sydney, is 632-square metres, but features just a circular driveway and trees.
It used to have an adjoining property, but the block was subdivided, leaving just the driveway and bush in the section up for sale. It’s been that way for the last 13 years.
But the price tag matches the block size, with buyers able to build a new home in the private cul-de-sac opposite the riverbank.
The house is situated one street away from River Road, which is the most popular riverfront street in the area, according to real estate agent Luke Wilson.
According to Realestate.com.au, Leonay is an extremely popular suburb in NSW, averaging around 3,380 visits per property. The entire NSW average is around 1,572 visits per property.
Three-bedroom houses sell for around $770,000, while four-bedders go four $880,000, and the rental yield sits at an average of $555 per week.
Sydney house prices rise
The median house price in Sydney is now $871,749, after rising 0.7 per cent over the month of December, according to CoreLogic data.
The increase is in line with the rest of the nation, where house values rose 1 per cent on average during December.
The rise is likely to continue as interest rates remain low and COVID-related restrictions lift, but containing the spread of the virus is key, according to CoreLogic’s research director, Tim Lawless.
Border closures will also act as a headwind to property prices in Sydney this year.
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