House sale breaks Narellan Vale record

The housing market might be in a downturn, but Narellan Vale is celebrating a suburb record.

A sprawling house at 1 Palm Court has just sold for $1,040,000 - beating the previous record by $20,000.

Ray White Macarthur was responsible for the sale and agent Steven Harrison - who worked on the sale with colleague Omar Lababidi - said the high price was a sign of the great value in Narellan Vale.

"This property ticked a lot of boxes," he said.

"It was like a Harrington Grove property without the price tag."

Mr Harrison said the buyer had been looking in the more prestigious nearby suburb but it was the Narellan Vale home that struck his fancy.

The Palm Court property, which sold on February 4, is 857.9sqm.

Mr Harrison said the large block sizes in parts of Narellan Vale were proving popular with buyers.

"It's a great time to buy in Narellan Vale," he said.

"Block sizes like this are a rarity elsewhere in the region."

Properties with similar and smaller block sizes in Harrington Park have been selling for well above the $1 million price tag in the past 12 months.

Some houses have sold for as much as $1.9 million.

Mr Harrison said the dramatic housing price fall that had afflicted Sydney in the past 18 months had particularly affected Macarthur homes in the $600,000-$750,000 range.

"There's a lot of houses in that price range," he said.

"So if you've got something worth a bit more, there's only a few other properties to compete with."

Mr Harrison said the market downturn had been worse in the past 12 months than the drop during the entire Global Financial Crisis.

"There have been price drops of 13 per cent," he said.

"So houses are not selling for as much as they were 18 months ago, but there is still plenty of opportunity to get a great price."

Narellan Vale's previous suburb record was set in February 2018, when 28 Plane Tree Drive sold for $1,020,000.

Records show 135 house or land purchases were made in Narellan Vale since January 1, 2018.

The priciest sale in neighbouring Mount Annan in the same time period was just $6000 more than 1 Palm Court. The property at 76 Dodonea Circuit, Mount Annan sold for $1,046,000 in March 2018.