Million-dollar house sales could become more common as the property market’s Midas run deepens in the west.
Million-dollar homes at Brook Street and The Esplanade, Caroline Springs, are presently listed on Domain, the latest in a run of high-end sales in what are normally seen as more affordable suburbs.
Home owners Mario and Lee Spiteri popped a bottle of bubbly last week after their house at 11 The Close, Caroline Springs, sold for a record $1.59 million, blitzing the suburb’s $456,000 median.
The couple built the opulent five-bedroom, American-style home five years ago, travelling to the US to source materials for jarrah parquetry floorboards and marble tiles.
Mr Spiteri said five cars and a few Harley Davidsons can fit in the four-car garage downstairs, while the in-ground pool out the back of the large 0.1 hectare block overlooks a lake.
The couple is downsizing from the 743 square mansion to more modest digs.
Raine & Horne director Dean Clements said there had been six offers before the property sold privately.
“It goes to show that in the western suburbs there are people who can afford that kind of money,” Mr Clements said.
“The market’s gone crazy in Taylors Hill and Caroline Springs because there are a lot of new properties and buyers from overseas want them.
“Interest rates are very low and people are able to borrow $30,000 to $50,000 extra to buy properties.
“We’ve seen property prices in this area go up about $100,000 in a very short space of time.”
