A house on Raby Rd in Leppington, surrounded by a new estate, has gone up for sale.
A Western Sydney family whose home stood alone for years as a new suburb sprung up around them could soon complete a stunning windfall worth millions after deciding to finally sell.
The family’s old homestead in Leppington is currently surrounded by a new estate known as Emerald Rise, cutting a lonely figure along a road where land has been leveled to make way for new houses.
The house on Raby Rd is surrounded by 29 plots of land earmarked for new homes and is the last piece of what was once a vast land estate.
The property, a nine-bedroom homestead on nearly 100,000 square feet, was formerly the heart of a 40-acre estate that the family bought in 1985 for about $266,000, records show.
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The Leppington homestead has nine bedrooms.
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At the time the area consisted of little more than semi-rural farmland on the outskirts of Sydney.
The land was rezoned in 2016 and shortly thereafter the family negotiated the sale of most of their acreage, approximately 38 hectares, to a major developer for an undisclosed sum likely to be in the millions.
That land was subdivided and divided into 29 one-acre lots and marketed, each with a price tag of $2.2 million to $2.45 million.
The family retained the portion of the original homestead: nearly an acre that remained untouched while bulldozers worked nearby land to build new roads.
It is that house that is now for sale, with sales agent Nick Alexapoulos of Raine and Horne-Gledswood Hills revealing that the owners’ family will be moving on after 40 years.
It is for sale with a price guide of $6.3 million – $6.7 million.
The surrounding region has been transformed from what were once pasturelands into one of Sydney’s fastest growing areas. Photo: Jonathan Ng
Families who held out as development took place around them often sit on valuable land: this Quakers Hill block is reportedly worth more than $60 million. Image: Channel 7
“It was purely commercial viability that prompted the subdivision,” Alexapoulos said. “They looked at the fact that they could get a substantial windfall from a subdivision.
“The original homestead was just too nice to bulldoze, so this one was left intact… It’s huge. It takes me 20 to 25 minutes to open all the blinds.”
Fifteen of the new lots have been sold, raising more than $35 million.
Once the remaining sites are sold, the combined value of the subdivided land will exceed $65 million – nearly 300 times what the family originally paid for the entire estate.
“People have bought the new blocks and will build substantial houses,” Alexapoulos said.
The family sold most of their land almost a decade ago, but had kept the original house on their block intact.
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He said the incredible rise in land values in Leppington was due to the area’s transformation from paddocks to one of Sydney’s fast-growing residential areas.
The sale has generated mixed reactions on social media.
“(It) would have been nice a few years ago before they sold all the surrounding land around the property. Now it’s one big construction site with a hundred houses next to it,” said one Facebook user.
Others were more positive, with one calling the house ‘breathtaking’.
The home has multiple resort-style living areas, a swimming pool, ponds, a four-car garage and a billiards room.
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