Family home bought for $60K sells for over $1m

The Sydney home sold for $1.1 million, a record in its suburb. Photo/news.com.au.

About 30 years ago, the vendors of this property in western Sydney snapped it up for around $60,000 — and it has just become the Australian suburb's first house to fetch $1 million.

The four-bedroom home at 7 Flora St, Plumpton, sold for AU$1.038 million ($1.1 million) after 25 inspections and three weeks on the market.

In an area where the median house price is $674,000, it is the only single-dwelling property to hit the milestone price, according to CoreLogic records.

The previous record was held by a five-bedroom house in Odelia Cres, which sold for $990,000 in March last year. One in Tabitha Pl sold last month for $975,000.

The home, which is now the suburb's most expensive, hit the market in March with a price guide of $989,000 to $1.089 million.

Selling agent Marvin Dayupay from Nidus Group Real Estate — Rooty Hill said the much-loved home had been in the same family for decades.

"The vendors had been there about 30 years. They bought the block for $58,000 and turned around a profit of more than $950,000," Dayupay said.

He said the single-level home on a 1027sq m block attracted a mix of potential buyers, including developers who wanted to inspect the site. However, it sold to a couple from out of area.

"They have two kids so they liked the area as they wanted to established themselves in a nice home, on a good street."

The property has a 26m-wide frontage and is in a quiet street, close to transport, schools, parkland and Plumpton Marketplace.

"They aren't looking to do anything to the block — they wanted it purely because they liked the house."

It has spacious bedrooms, a number of living areas, a charming fireplace, and a covered entertainment area. There is also a detached garage or workshop.

- News.com.au