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The Catholic Diocese of Wollongong has paid $17.34 million for a “strategic” 44-hectare site in the Macarthur region, 80 kilometres south west of Sydney, crushing the suburb record in the process.
The property at 570 Picton Road, Wilton, which has a five-bedroom house, last sold for $1.9 million in 2006, according to Domain Group data.
That same year, the previous price record in Wilton was set by the $8.9-million sale of 15 Janderra Lane to the Walker Corporation, which will be developing the south-east precinct of the Wilton Priority Growth Area.
Selling agent Tim Knapp, of Knapp and Associates, said the buyer, who was seeking similar properties within the area, bought the property as an “investment for future growth”.
“The purchasers acquire property within areas that they feel will enhance the community,” he said.
“In time the purchasers will build on the site but it is undetermined what they will build at this point.”
Although the area has been earmarked as a future growth precinct, the site is still zoned for rural use; the area is tipped to be rezoned after critical infrastructure is delivered.
“What this was acquired for was not really residential development, but more a strategic acquisition for the purchaser.”
More than 16,000 homes, two primary schools and four childcare centres are part of the building plans in Wilton New Town, which is expected to be the size of Port Macquarie after a 30-year development project.
“This is a very exciting time and Sydney needs to implement plans to sustain the population growth in the coming years,” Mr Knapp said.
The sale is among multiple recent major deals in Wilton, including a $7.4-million land sale in June 2017, as the small town’s big plans lure investors.
“There’s a lot of activity in Wilton and a lot of developers looking around,” Mr Knapp said.
“Wilton is such a strong growth area at the moment, similar to Bringelly (and) Leppington.”
The locally based agent added that because of housing shortage in metropolitan Sydney, Wilton was not the only suburb in the region that was growing.
“Within the past five years, the government has released large tracts of land for housing in suburbs in the Macarthur region such as Gregory Hills and Oran Park.
“These areas in the last few years have developed into vibrant communities.”
The median house price in Wilton is $808,400, Domain Group data shows.