The most recent to the hit the market is a 3200 sqm landholding in Castle Hill, where three neighbours on Wilton Cl have teamed up in a bid to attract developers.
Combined, their land could be worth around $8 million, although no price guide has been set by the selling agents. Some of the homeowners have lived in the homes for nearly 50 years and hope to earn as much as $200,000 extra each.
Century 21 Castle Hill principal Martin Baldacchino said the current market was ideal for neighbours to sell their homes together.
“If there was ever time to get a few neighbours together to try and get some good money, then now would be the time with the market so hot,” he said.
Mr Baldacchino said the trend was not just about making more money but also about getting ahead of changes in their suburbs.
“There is a sense about not wanting to be left behind if they see developments going up around them, so many would prefer to go early and get the best price,” he said.
The Castle Hill agent said interest had been “ridiculous” since the four houses at 4-7 Wilton Cl came up for sale last week and they would probably be replaced with townhouses.
Elsewhere, two Penrith homes on Vista St are scheduled to go to auction next Saturday with a $1.8 million guide — which at roughly $900,000 each is $200,000 more than the suburb’s median price.
Mr Baldacchino said those looking to go down this route did not need the whole street.
“Going big is not always best, as we find there is a sweet spot for small to medium size development with three to four houses, as it seems to sit with the budget of most developers,” he said.
Apartment owners are also getting involved with nine neighbours set for a $10 million plus payday with the listing of their unit block by the beach at Coogee, while eight owners are hoping for more than $9 million with the listing of their Bondi Beach building.
Realestate.com.au director of economic research Cameron Kusher said a lack of land in Sydney made multi-home listings very attractive to developers.
“If there is a good size block available in a good location then it is extremely valuable to buyers,” he said.
Earlier this month Horwood Nolan agent Shane Sullivan sold a Concord West site with two houses for $6.5 million and said the sellers netted a million dollars more than if they were sold separately.
“There was no way those two houses would have been able to get anywhere near $6.5 million if they had been sold separately,” he said.
In Miranda, three neighbours sold their site to a developer for well above the $5.3m guide, which Newton Real Estate’s David Newton said was a 30 per cent premium.
Castle Hill saw two rundown homes on Purser Ave sell in March for $3.68 million, which was also landed the owners more money.